MANILA, Philippines — The Bureau of Customs (BOC) has issued the guidelines for the implementation of tariff commitments under the Philippines-South Korea Free Trade Agreement (FTA).
This follows the signing of Executive Order 80 by President Marcos, which adjusts import duty rates on select goods to align with the country’s commitments under the trade pact.
The FTA, which took effect on Dec. 31, 2024, aims to strengthen trade ties between the Philippines and South Korea, fostering economic growth and regional integration.
The BOC’s guidelines, or Customs Memorandum Order (CMO) 11-2024, outline processes for pre-exportation product examination, obtaining certificates of origin, applying for “Approved Exporter” status, fulfilling exporter obligations and verifying goods’ origins to ensure compliance with the FTA’s provisions.
“These comprehensive guidelines are designed to ensure seamless compliance with the agreement and maximize the benefits of preferential trade terms,” the BOC said in a statement.
The CMO was signed by Customs Commissioner Bienvenido Rubio and took effect on Dec. 31, coinciding with the implementation of EO 80.
Under EO 80, goods originating from South Korea listed in the Philippine Schedule of Tariff Commitments will benefit from reduced or zero tariff rates.
However, these goods must meet specific rules of origin and be accompanied by proof of origin to qualify for preferential treatment.
“The issuance of this CMO 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 said.
The FTA, EO 80 and the corresponding CMO mark a significant step in the Philippines’ efforts to promote trade liberalization and regional economic integration.
The BOC is actively engaging stakeholders to raise awareness and ensure compliance with the new guidelines.