The Bureau of Customs (BOC) has issued a circular to implement the Philippines-Korea Free Trade Agreement (PH-KR FTA), following President Marcos’ recent signing of Executive Order (EO) 80.
In a statement, BOC Commissioner Bienvenido Y. Rubio, said that Customs Memorandum Order (CMO) 11-2024 aims to streamline trade between the two nations by providing clear guidelines on preferential tariff treatment for eligible goods.
The CMO, signed by Rubio, outlined procedures for obtaining preferential tariff rates under the PH-KR FTA.
These include pre-exportation examination, Certificates of Origin issuance, "Approved Exporter" status applications, Origin Declaration completion, and verification protocols.
The order took effect on Dec. 31, 2024, coinciding with EO 80's implementation.
"The issuance of this Customs Memorandum Order underscores the BOC's commitment to facilitating trade and fostering economic partnerships with our global partners," Rubio said.
"By providing clear guidelines, we aim to ensure a smooth transition and effective implementation of the Philippines–Korea Free Trade Agreement,” he added.
Under EO 80, originating goods from South Korea listed in the Philippine Schedule of Tariff Commitments will be subject to reduced or zero tariff rates.
To qualify for preferential treatment, these goods must meet specific rules of origin and be accompanied by the required proof of origin.
The BOC said it also actively engages stakeholders to raise awareness and ensure compliance with the new guidelines.