QuestionsQuestions (EXECUTIVE ORDER NO. 47)
The main purpose of Executive Order No. 47 is to modify the rate of import duty of certain imported articles, specifically tractors and parts and accessories of bicycles, and to modify and supersede tariff heading 87.12 under Executive Order No. 225 dated December 13, 1965, pursuant to the Tariff and Customs Code of the Philippines.
Under Tariff Heading No. 87.01, tractors of less than 50 horsepower shall pay an ad valorem duty of 5%, while other tractors shall pay an ad valorem duty of 10%.
Tariff Heading No. 87.12 covers parts and accessories of articles falling within headings numbered 87.09, 87.10, and 87.11, including bicycle carriers, bicycle frames, bicycle mudguards, and other related parts and accessories.
The import duty rates are 40% ad valorem for bicycle carriers, 75% ad valorem for bicycle frames, 35% ad valorem for bicycle mudguards, and 10% ad valorem for other parts and accessories.
The new rates of import duty took effect 30 days after the issuance of the Executive Order, meaning that articles entered or withdrawn from warehouse in the Philippines for consumption after that period are subject to the new rates.
An unwarranted increase in the prices of local products benefited by these tariff changes may be sufficient ground for the revocation of such tariff changes.
Executive Order No. 47 was signed by President Ferdinand E. Marcos and by Executive Secretary Rafael M. Salas.
The order applies to tractors classified under Tariff Heading No. 87.01, except for those falling within heading numbered 87.07.
Modifying and superseding tariff headings as provided under this Executive Order means replacing previous tariff classifications and rates with updated ones, thereby changing the applicable import duties and classifications on specified articles to reflect current economic or policy considerations.