Objective of the Trade Agreement
- Primary objective is the liberalization and facilitation of trade in goods.
- Achieves this through reducing or eliminating tariffs according to agreed schedules between the Philippines and Japan.
Legislative and Executive Authority
- The Philippine Senate ratified the Agreement via Senate Resolution No. 131 on October 8, 2008.
- Section 402 of the Tariff and Customs Code of 1978, as amended, enables the President to modify duty rates to promote foreign trade on the recommendation of the National Economic and Development Authority.
Modification of Duty Rates (Section 1)
- Specific imported articles listed in the Annex are subject to modified rates of duty as indicated in designated columns.
- These revised rates apply to imports originating exclusively from Japan under the Economic Partnership Agreement.
Negotiation Provisions on Tariff Rates (Sections 2 and 3)
- Tariff rates marked with the symbol "aRa" will be subject to negotiations in the fourth year after the Agreement’s entry into force.
- Tariff rates marked with the symbol "aSa" are subject to negotiations in 2009, as specified in the Notes for the Philippine schedule.
Compliance with Rules of Origin (Section 4)
- Upon the Executive Order’s effectivity, imports listed in the Annex must comply with the Agreement’s Rules of Origin to qualify for the prescribed duty rates.
- Applies to goods entered or withdrawn from warehouses for consumption in the Philippines.
Repeal and Modification of Inconsistent Issuances (Section 5)
- All presidential issuances, administrative rules, regulations, or portions contradicting this Executive Order are repealed or modified as necessary to maintain consistency.
Effectivity and Implementation (Section 6)
- The Executive Order takes effect fifteen (15) days after full publication in a Philippine newspaper of general circulation.
- Signed by the President and attested by the Executive Secretary on November 7, 2008, in Manila.