President Rodrigo Duterte has signed an executive order (EO) modifying the rates of import duty on certain imported articles. Based on EO 102, a free trade agreement between the Association of Southeast Asian Nations (Asean) and Hong Kong was signed by the Philippines on Nov. 12, 2017 and the signatures of all Asean member-states were completed on March 28, 2018. The agreement “to reduce tariffs and eliminate customs duties will enhance trade and investment between the parties to the agreement,” the order stated. The agreement provided “that each Party shall progressively reduce or eliminate customs duties on goods originating from the other parties to the agreement, in accordance with their respective Schedule of Tariff Commitments.”EO 102 stated that on May 6, 2019, the National Economic and Development Authority Board “approved, ad referendum, the tariff reduction schedule on various products covered by the Schedule of Tariff Commitments under the agreement.”

Source: Manila Times January 20, 2020 16:32 UTC