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Executive Order No. 260 (2003)
under the Honda AICO Arrangement, the Philippines (Honda Cars Philippines, Inc.) will import from Thailand (Honda Automobile (Thailand) Co. Ltd.) and Malaysia (Honda Malaysia Sdn. Bhd.) certain original equipment manufacture (OEM) automotive parts/components for Honda Civic passenger cars (HS 8703.90.10). In exchange, Thailand and Malaysia will import from the Philippines complementary parts/components for the (OEM) of Honda Civic, Honda City, Honda Accord and CR-V;
Section 1. The articles specifically listed in Annex "A" hereof, as classified under Section 104 of the Tariff and Customs Code of 1978, as amended, shall be accorded the AICO rate of 3% on parts/components of Honda Civic (HS 8703.90.10) as specified in Column 6 thereof
Section 2. The AICO rte provided in Annex "A" shall be accorded to the AICO entity in Thailand (Honda Automobile (Thailand) Co. Ltd.) and Malaysia (Honda Malaysia Sdn. Bhd.) upon the effectivity of this Executive Order.
Section 3. In the event that any subsequent changes are made in the basic (MFN) Philippine rate of duty on any of the articles listed in Annex "A" to a rate lower than the AICO rate prescribed in Column 6 of Annex "A" such articles shall automatically be accorded the corresponding reduced rate of duty.
Section 4. Upon the effectivity of this Executive Order, the articles specifically listed in the aforesaid Annex "A" which are entered or withdrawn from warehouses in the Philippines for consumption shall pay the applicable AICO preferential tariff rates specified under Section 1 hereof, subject to compliance with the Rules of Origin for the Common Effective Preferential Tariff (CEPT).
Section 5. —This Executive Order shall take effect immediately. ᇈWᑭHIL
DONE in the City of Manila, this 30th day of December, in the year of our Lord Two Thousand and Three.
(SGD.) GLORIA MACAPAGAL-ARROYO President of the Philippines
By the President:
(SGD.) ALBERTO G. ROMULO Executive Secretary