EXECUTIVE ORDER NO. 450

: Section 401 of the Tariff and Customs Code of 1978 (Presidential Decree No. 1464), as amended, empowers the President to increase, reduce, or remove existing rates of import duty and to modify the form of duty and tariff nomenclature.
: The articles listed in Annex "A" are subject to the Most-Favoured-Nation (MFN) rate of import duty as indicated opposite each article.
: No. It only modifies the rates of import duty on the articles specifically listed in Annex "A". Nomenclature and rates on tariff headings not enumerated or represented by "x x x" remain unchanged.
: The order took effect thirty (30) days following its complete publication in two newspapers of general circulation in the Philippines.
: All such presidential issuances, administrative rules, or regulations that are contrary or inconsistent with this Executive Order are revoked or modified accordingly.
: Upon effectivity, articles listed in Annex "A" that are entered and withdrawn from warehouses for consumption are levied at the MFN rates prescribed in the Order.
: Gloria Macapagal-Arroyo signed Executive Order No. 450 as the President of the Philippines.
: Section 104 of the Tariff and Customs Code of 1978 classifies the articles listed in Annex "A" for tariff purposes.
: The government aims to promote the development of sustainable, prosperous, and internationally competitive domestic industries.