Bureau of Customs Memorandum Circular No. 208-2024, dated December 30, 2024, refers to Executive Order 80, which implements said schedule of tariff commitments under the Philippine-Korea Free Trade Agreement and modifies the rates of import duty on select imports.
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The Bureau of Customs (BoC) has released a copy of the Philippine schedule of tariff commitments under the Philippines-Korea Free Trade Agreement (PH-KR FTA) and the modified rates of import duty on certain imported articles under the trade deal.
Customs Memorandum Circular (CMC) No. 208-2024, dated 30 December 2024, refers to Executive Order 80, which implements the said schedule of tariff commitments under the PH-KR FTA and modifies the rates of import duty on select imports.
“There is a need to modify the rates of import duty on certain imported articles to faithfully comply with the Philippine Schedule of Tariff Commitments under the PH-KR FTA,” says the EO.
EO 80, signed last 23 December, states that 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 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listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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 adds.
