Republic of the Philippines
MALACAÑANG
ManilaBY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER NO. 702 January 22, 2008
WHEREAS, the Philippines is a Contracting Party to the Basic Agreement on the ASEAN Industrial Cooperation Scheme (AICO) signed in Singapore on 27 April 1996;
WHEREAS, the Philippines is a signatory to the Protocol to Amend the Basic Agreement on the AICO Scheme signed in Singapore on 21 April 2004;
WHEREAS, the Philippines is a participating country in the approved AICO Arrangements of Philippine Auto Components, Inc. (PACI) along with Indonesia and Malaysia;
WHEREAS, under the AICO Certificate of Eligibility No. Denso/2007/11, the Philippines (Philippine Auto Components, Inc.) will import from Indonesia (PT. Denso Indonesia and PT. Denso Sales Indonesia) certain original equipment manufacture (OEM) parts/components for motor vehicles, as specified in Annex "A". In exchange, Indonesia (PT. Denso Indonesia and PT. Denso Sales Indonesia) will import from the Philippines complementary parts/components for the OEM of motor vehicles;
WHEREAS, AICO Certificate of Eligibility No. Denso/2007/11 was issued on 26 March 2007, and was amended...
Details
Amends
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Amended by
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Executive Orders
Modifying The Rates of Duty on Certain Imported Articles as Provided under the Tariff and Customs Code of 1978, as amended, in order to Implement the Preferential Tariff Rates on Certain Products under the Asean Industrial Cooperation (AICO) Scheme, in Favor of Philippine Auto Components, Inc. (COE NOS. DENSO/2007/11 AND DENSO/2007/12)
Executive Order No. 702
Summary of Executive Order No. 702
Background and Purpose
- The Philippines is a party to the ASEAN Industrial Cooperation Scheme (AICO) Agreement and its amendments.
- The Philippines participates in approved AICO Arrangements with Indonesia and Malaysia for the automotive industry.
- Under AICO Certificate of Eligibility No. Denso/2007/11, the Philippines (Philippine Auto Components, Inc.) will import certain auto parts/components from Indonesia (PT. Denso Indonesia and PT. Denso Sales Indonesia) and vice versa. (Section 4)
- Under AICO Certificate of Eligibility No. Denso/2007/12, the Philippines (Philippine Auto Components, Inc.) will import certain auto parts/components from Malaysia [Denso (Malaysia) Sdn. Bhd.] and vice versa. (Section 4)
- Participating companies in the approved Denso AICO Arrangements shall qualify for 0 - 5% preferential tariff rates from Indonesia, Malaysia, and the Philippines. (Section 1)
Provisions
- The articles listed in Annexes "A" and "B" shall be accorded the AICO rate of zero on parts/components as specified in Column 6. (Section 1)
- The AICO rate in Annexes "A" and "B" shall be accorded to the AICO entities in Indonesia and Malaysia upon the effectivity of this Executive Order. (Section 2)
- If the basic Philippine rate of duty on any listed article is subsequently lowered below the AICO rate, the lower rate shall automatically apply. (Section 3)
- Upon effectivity, the listed articles entered or withdrawn from warehouses in the Philippines for consumption shall pay the applicable AICO preferential tariff rates, subject to qualification under the Rules of Origin for the CEPT, as evidenced by the Certificate of Origin-Form "D". (Section 4)
- Any revisions to the AICO companies in Annexes "A" and "B" shall be communicated immediately to the Bureau of Customs by the Board of Investments within five (5) days after receipt of the official copy of the COE from the ASEAN Secretariat. (Section 5)
- This Executive Order shall take effect immediately following its complete publication in two (2) newspapers of general circulation in the Philippines. (Section 6)
Background and Purpose
- The Philippines is a party to the ASEAN Industrial Cooperation Scheme (AICO) Agreement and its amendments.
- The Philippines participates in approved AICO Arrangements with Indonesia and Malaysia for the automotive industry.
- Under AICO Certificate of Eligibility No. Denso/2007/11, the Philippines (Philippine Auto Components, Inc.) will import certain auto parts/components from Indonesia (PT. Denso Indonesia and PT. Denso Sales Indonesia) and vice versa. (Section 4)
- Under AICO Certificate of Eligibility No. Denso/2007/12, the Philippines (Philippine Auto Components, Inc.) will import certain auto parts/components from Malaysia [Denso (Malaysia) Sdn. Bhd.] and vice versa. (Section 4)
- Participating companies in the approved Denso AICO Arrangements shall qualify for 0 - 5% preferential tariff rates from Indonesia, Malaysia, and the Philippines. (Section 1)
Provisions
- The articles listed in Annexes "A" and "B" shall be accorded the AICO rate of zero on parts/components as specified in Column 6. (Section 1)
- The AICO rate in Annexes "A" and "B" shall be accorded to the AICO entities in Indonesia and Malaysia upon the effectivity of this Executive Order. (Section 2)
- If the basic Philippine rate of duty on any listed article is subsequently lowered below the AICO rate, the lower rate shall automatically apply. (Section 3)
- Upon effectivity, the listed articles entered or withdrawn from warehouses in the Philippines for consumption shall pay the applicable AICO preferential tariff rates, subject to qualification under the Rules of Origin for the CEPT, as evidenced by the Certificate of Origin-Form "D". (Section 4)
- Any revisions to the AICO companies in Annexes "A" and "B" shall be communicated immediately to the Bureau of Customs by the Board of Investments within five (5) days after receipt of the official copy of the COE from the ASEAN Secretariat. (Section 5)
- This Executive Order shall take effect immediately following its complete publication in two (2) newspapers of general circulation in the Philippines. (Section 6)