President Marcos has ordered the implementation of the Philippine schedule of tariff commitment in compliance with the Free Trade Agreement with South Korea (PH-KR FTA).

In Executive Order No. 80, signed by Executive Secretary Lucas Bersamin on Dec. 23, the President cited the need to modify import duty rates on certain imported articles for the country to comply with the Philippine Schedule of Tariff Commitments under the FTA.

The EO stated all articles listed in the Philippine Schedule of Tariff Commitments under the PH-KR FTA shall be subject to the rates of import duties at the time of importation.

"All originating goods from the Republic of Korea listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed therein, subject to the submission of a Proof of Origin, in compliance with all applicable requirements under the PH-KR FTA," it read.

The Philippines and South Korea signed the PH-KR FTA during the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Indonesia in September 2023.

The PH-KR FTA aims to strengthen the economic partnership and bilateral trade between the two countries by reducing and eliminating tariff restrictions. This will support government efforts to manage competitive exclusion, encourage more foreign direct investments, and secure more preferential concessions than those currently available under existing agreements.

President Marcos ratified the PH-KR FTA on May 13, 2024, and the Senate concurred in its ratification through Senate Resolution No. 1188, dated Sept. 23, 2024.