Policy, purpose, and program alignment
- The Executive Order advances a tariff rationalization program to promote global competitiveness, simplify the tariff structure for ease of customs administration, and provide a level playing field for domestic manufacturers.
- It orders a review and recalibration of the phased tariff reduction schedule that had been determined up to the year 2000, based on developments in domestic and international economic environments.
- It targets correction of remaining distortions in the tariff structure and smoothening the pace of tariff reduction for industries deemed deserving.
- It requires that recalibration shall not delay or obviate attainment of uniform level tariff protection by the year 2004.
Coverage: articles and tariff schedule
- The rates of import duty apply to the specific articles listed in the Annex (referred to as the Annex A) under Section 104 of the Tariff and Customs Code of 1978, as amended (Section 1).
- For each listed article, the applicable duty rate is the schedule indicated opposite each article in Annex A (Section 1).
Importation rule and when duties apply
- On effectivity, articles in Annex A that are entered or withdrawn from warehouses in the Philippines for consumption are levied the import duty rates prescribed in the Executive Order (Section 2).
Revocation and modification of inconsistent issuances
- Executive Order No. 264 (s. 1995) and all other Presidential issuances, administrative rules and regulations, or parts thereof that are inconsistent with Executive Order No. 465 are revoked or modified accordingly (Section 3).