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Section 1
Section 1.
— The articles specifically listed in Annex —A— (Articles Granted Concessions under the CEPT-AFTA) hereof, as classified under Section 104 of the Tariff and Customs Code of 1978, as amended, shall be subject to the ASEAN Common Effective Preferential Tariff in accordance with the 1997-2003 schedule indicated shall be accorded to imports coming from ASEAN member states applying CEPT concession to the same product pursuant to Article 4 of the CEPT Agreement and its Interpretative Notes.
Section 2
Section 2.
— The articles specifically listed in Annex —B— (Articles for Phasing-in the CEPT-AFTA) hereof shall be subject to the ASEAN rate in accordance with the 1997 schedule indicated in column 4 of Annex —B—.— Implementation of the ASEAN preferential tariff schedule indicated in columns 5-10 of Annex —B— for the succeeding years shall be subject to the issuance of separate implementing executive orders.
Section 3
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 Annexes —A— and —B— to a rate prescribed in columns 4-10 of Annex —A— and Column 4 of Annex —B— such article shall automatically be accorded the corresponding reduced duty.
Section 4
Section 4.
—The Margins of Preference (MOPs) accorded under ASEAN Preferential Trading Arrangements (PTA) shall no longer be extended to any of the products under Annexes —A— and —B— hereof.
Section 5
Section 5.
—Upon the effectivity of this Executive Order, all articles listed in Articles —A— and —B— entered or withdrawn from warehouses in the Philippines for consumption shall be imposed the rates of duty for 1997-2003— herein prescribed subject to qualification under the Rules of Origin as provided for in the Agreement on the CEPT Scheme for the AFTA signed on 28 January 1992.
Section 6
Section 6.
—All Presidential issuance, administrative rules and regulations or parts thereof, which are contrary or inconsistent with this Executive Order are hereby repealed or modified accordingly.
Section 7
Section 7.
—This Executive order shall take effect immediately.
DONE
in the City of Manila, this 31st day of October in the year of Our Lord, Nineteen Hundred and Ninety Seven.
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(Sgd.)—
FIDEL V. RAMOS
President of the Philippines
By the President:
(Sgd.)—
RUBEN D. TORRES
Executive Secretary