President Ferdinand “Bongbong” Marcos Jr. speaks during the Change of Command Ceremony of the Presidential Security Group (PSG) at the PSG Grandstand in Malacañang Park, July 4, 2022. Office of the President

Marcos Jr. signs order implementing free trade deal with South Korea

Katrina Domingo

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:958px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1735370462350fake.png" style="width:960px" class="fr-fic fr-dib" alt="President Ferdinand “Bongbong” Marcos Jr. speaks during the Change of Command Ceremony of the Presidential Security Group (PSG) at the PSG Grandstand in Malacañang Park, July 4, 2022. Office of the President "/><span class="fr-inner" style="text-align:left">President Ferdinand “Bongbong” Marcos Jr. speaks during the Change of Command Ceremony of the Presidential Security Group (PSG) at the PSG Grandstand in Malacañang Park, July 4, 2022.<em> Office of the President </em></span></span></span></div><p>MANILA — President Ferdinand Marcos Jr. has signed an executive order to implement the schedule of tariff commitments under the Philippines’ Free Trade Agreement (FTA) with South Korea.</p><p>An attachment to Executive Order No. 80 listed thousands of agricultural, infrastructure and energy commodities that would be exempt from importation tariffs in the next 15 years.</p><p>Tariffs are taxes imposed on imported goods and are protectionist measures meant to keep local goods competitive.</p><div><a href="https://www.abs-cbn.com/news/business/2024/12/26/ph-korea-free-trade-deal-to-take-effect-at-year-s-end-1127">Philippines-Korea free trade deal to take effect at year&#x27;s end</a></div><p>“All originating goods from the Republic of Korea listed in the aforementioned Philippine Schedule of Tariff Commitments… shall be levied the rates of duty as prescribed,” read the document, signed on December 23.</p><p>“The Tariff Commission may be requested to issue advance rulings on the tariff classification of goods to confirm the applicable rates of duty of particular goods,” it added.</p><p>The Philippines-South Korea FTA — which was signed on the sidelines of the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Indonesia in 2023 — is expected to take effect on December 31, 2024. </p><p>The Embassy of South Korea in Manila earlier said the FTA is expected to deepen trade and investment ties between the two countries as it covers “97 percent of imports.”</p><p>“The FTA will significantly enhance market access for Philippine products like bananas and pineapples in the Korean market,” the Embassy earlier said.</p><p>“Korean companies will contribute to the Philippines&#x27; economic development by creating quality jobs through expanded investments in advanced manufacturing, including automobiles, electronics, and energy,&quot; it said.</p><div><a href="https://www.abs-cbn.com/life/09/03/23/korea-hopes-more-filipinos-will-visit-this-winter">S. Korea hopes to be one of Filipinos’ top winter travel destinations</a></div><p>In 2023, bilateral trade between the Philippines and South Korea was pegged at $12 billion, making the East Asian country the Philippines’ 5th largest trading partner.</p><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/rqGUrEa5lQ4?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>President Ferdinand Marcos Jr. has signed an executive order to implement the schedule of tariff commitments under the Philippines’ Free Trade Agreement (FTA) with South Korea.</p>

President Ferdinand Marcos Jr. has signed an executive order to implement the schedule of tariff commitments under the Philippines’ Free Trade Agreement (FTA) with South Korea.

Marcos Jr. signs order implementing free trade deal with South Korea | ABS-CBN

Entertainment

News

Metro.Style

Sports

More

Business

Marcos Jr. signs order implementing free trade deal with South Korea

Marcos Jr. signs order implementing free trade deal with South Korea

Katrina Domingo,

ABS-CBN News

Published Dec 28, 2024 03:38 PM PHT

Read More:

Ferdinand Marcos Jr.

South Korea

Free Trade Agreement

FTA

ABSnews

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

Terms of Service

Advertise with Us

© 2024 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Advertise with Us

Privacy Policy

Terms of Service

© 2024 ABS-CBN Corporation. All Rights Reserved.