Bound rate refers to the agreed maximum tariffs on products committed by the Philippines to the World Trade Organization (WTO) under the Uruguay Round Final Act, and under the ATIGA, in accordance with its tariff schedule (Annex 2: Tariffs under the ASEAN Trade in Goods Agreement (ATIGA)-PHILIPPINES). (Sec. 3(d), R.A. No. 8178 as amended by R.A. No. 11203)