Modifying The Rates of Duty on Certain Imported Articles as Provided for under the Tariff and Customs Code of 1978, as amended, in order to Implement the Commitment To Reduce The Tariff Rates on Eighty Percent (80%) of The Products in the Inclusion List to Zero Percent under the Common Effective Preferential Tariff (CEPT) Scheme for the Asean Free Trade Area (AFTA)

Case Overview and Summary

Summary of Executive Order No. 703

Reduction of Tariff Rates on Imported Articles:
- Implements the commitment to reduce tariff rates on 80% of products in the Inclusion List to 0% under the Common Effective Preferential Tariff (CEPT) scheme for the ASEAN Free Trade Area (AFTA). (Section 1)
- Articles listed in Annex "A" shall be subject to ASEAN CEPT rates in accordance with the schedule indicated in Column 4 of Annex "A". (Section 1)
- ASEAN CEPT rates shall be accorded to imports from ASEAN Member States applying CEPT concession to the same products pursuant to Article 4 of the CEPT Agreement and its Interpretative Notes. (Section 1)

Effective Date and Implementation:
- From the date of effectivity, articles listed in Annex "A" entered or withdrawn from warehouses in the Philippines for consumption shall be imposed the prescribed rates of duty, subject to compliance with the Rules of Origin as provided for in the Agreement on the CEPT Scheme for the AFTA signed on January 28, 1992. (Section 2)

Repealing Clause:
- All presidential issuances, administrative rules and regulations, or parts thereof, which are contrary or inconsistent with this Executive Order are hereby repealed or modified accordingly. (Section 3)

Effectivity:
- This Executive Order shall take effect immediately following its complete publication in two (2) national newspapers of general circulation in the Philippines. (Section 4)