President Ferdinand Marcos Jr. has signed Executive Order (EO) 80, implementing the Philippines’ tariff commitments under its Free Trade Agreement (FTA) with South Korea.
The EO, signed on December 23, sets import duty rates on goods from South Korea to comply with the Philippine Schedule of Tariff Commitments.
The order mandates that goods from South Korea be levied the prescribed rates upon entry, contingent upon submitting a Proof of Origin.
This move supports the implementation of the Philippines-South Korea FTA, which will officially take effect on December 31, 2024.
The agreement, signed in September 2023, is expected to boost bilateral trade, offering duty-free entry for over 11,000 Philippine products.
Source: PhilNews24 | December 29, 2024
