Amendment of Section 4 of Executive Order No. 486\n- The law amends Section 4 of Executive Order No. 486 issued on January 12, 2006.\n- The amendment expands the condition under which the tariff reduction schedule under the CEPT scheme can revert to previous tariff rates.\n\n### Scope of Tariff Reversion for Petrochemicals and Plastic Products\n- The tariff reduction schedule under the CEPT (Common Effective Preferential Tariff) scheme for petrochemicals and certain plastic products will revert to the tariff rates provided under EO 161 (s. 2003).\n- This reversion applies once specific domestic production facilities are in commercial operation.\n\n### Inclusion of Alternative Technologies for Domestic Production\n- Previously, the reversion condition focused solely on the commercial operation of a naphtha cracker plant.\n- The amended law broadens this to include any plant using other technologies capable of producing ethylene, propylene, and other related monomers domestically.\n\n### Role of Government Agencies in Implementation\n- The Department of Trade and Industry (DTI), in coordination with: \n - National Economic and Development Authority (NEDA),\n - Department of Finance (DOF),\n - Tariff Commission, and\n - Bureau of Customs,\n shall promulgate implementing rules and regulations governing the reversion of CEPT tariff rates.\n\n### Legal Authority and Effectivity\n- The President exercises authority under Section 402 of the Tariff and Customs Code of 1978 (Presidential Decree No. 1464), as amended, to amend the tariff schedules.\n- The Executive Order takes effect immediately upon its complete publication in two newspapers of general circulation.\n\n### Important Legal Concepts and Procedures\n- The CEPT scheme under ASEAN Free Trade Area (AFTA) aims to reduce tariffs among member countries but allows for temporary suspension and subsequent reversion based on domestic industry conditions.\n- Domestic production capacity for key petrochemical monomers influences tariff adjustments to protect and encourage local industry development.\n- Inter-agency coordination is mandated to ensure proper implementation and monitoring of the tariff rate changes.