After the signing of a free trade agreement, the Filipino Department of Trade and Industry (DTI) said the tariffs on the country’s banana and processed pineapple exports to South Korea would gradually be eliminated. Currently, Philippine bananas exported to South Korea are slapped with a 30 percent tariff.
Trade Undersecretary and Board of Investments (BOI) managing head Ceferino Rodolfo said the FTA aims to correct tariff disadvantages of major Philippine exports, particularly fruits, to Korea: “We were able to achieve this objective to correct the tariff disadvantage because we were able to get from Korea a commitment or concession for them to remove tariffs on Philippine bananas in five years.”
“From entry into force of the agreement, it will go down in five equal installments until it becomes zero,” Rodolfo said.
