Law Summary
Purpose and Policy Context
- The Executive Order implements the restructuring of Most Favored Nation (MFN) tariff rates specifically for motor vehicles, their raw materials, parts, and components.
- This restructuring aligns with Executive Order No. 156 (December 12, 2002), which focused on a Comprehensive Industrial Policy and set directions for the Motor Vehicle Development Program.
- The objective is to encourage the development and growth of the Philippine motor vehicle industry through tariff adjustments.
Scope and Coverage
- The Executive Order applies to articles specifically listed in Annex "A" which are classified under Section 104 of the Tariff and Customs Code of 1978, as amended.
- These articles primarily pertain to motor vehicles and related parts and components.
Rates of Import Duty
- The articles listed in Annex "A" shall be subject to new rates of import duty as prescribed in the schedule accompanying the Order.
- These rates are effective when the articles are entered and withdrawn from warehouses in the Philippines for consumption following the effectivity of the Order.
Implementation and Administration
- The Department of Trade and Industry (DTI), in consultation with the National Economic and Development Authority (NEDA) and the Department of Finance (DOF), is tasked with issuing the appropriate guidelines to implement the new MFN tariff rates.
Effectivity and Publication
- This Executive Order becomes effective thirty (30) days after its complete publication in two newspapers of general circulation in the Philippines.
Repeal and Modification of Inconsistent Issuances
- All prior Presidential issuances, administrative rules, regulations, or parts thereof that are inconsistent with this Executive Order are revoked or modified accordingly to conform to its provisions.