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Executive Order No. 93 (2002)
under the Honda AICO Arrangement, the Philippines (Honda Cars Philippines, Inc.) will import from a (Oriental Assemblers Sdn. Bhd. and Honda Autoparts Manufacturing [M] Sdn. Bhd.) certain original equipment manufacture (OEM) automotive parts/components for Honda CR-V light commercial vehicles (HS 8702.90 10). In exchange, Malaysia will import from the Philippines complementary parts/ components for the OEM of Honda 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 CRV light commercial vehicles (HS 8702.90 10) and 5% on parts/components of Honda Civic and Accord passenger cars (HS 8703.90 10) as specified in Column 6 thereof.
Section 2. The AICO rate provided in Annex "A" shall be accorded to the AICO entity in Indonesia (PT. Honda Prospect Motor) and to the AICO entity in Malaysia (Oriental Assemblers Sdn. Bhd. and Honda Autoparts Manufacturing [M] Sdn. Bhd.) upon the effectivity of this Executive Order.
Section 3. In the event that any subsequent changes are made in the basic (Most Favored Nation) 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 article shall automatically be accorded the corresponding reduced rate of duty. Effective 01 January 2003, the final CEPT rate on the articles shall apply.
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effectivity of this Executive Order, the articles specifically listed in the aforesaid Annex "A" which are entered or withdrawn from warehouses in the Philippines for consumption shall pay the applicable AICO preferential tariff rates specified under Section 1 hereof, subject to qualification under the Rules of Origin for the CEPT, as evidence by the Certificate of Origin- Form "D".
Section 5. Any revision/s to the part numbers appearing in Column 4 of Annex "A" 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 revised part number/s from the ASEAN Secretariat.
Section 6. This Executive Order shall take effect immediately.
Done in the City of Manila, this 9th day of April n the year of Our Lord, Two Thousand and Two.
(Sgd.) GLORIA MACAPAGAL-ARROYO
By the President:
(Sgd.) ALBERTO G. ROMULO
Executive Secretary