MANILA, Philippines - In international trade transactions such as import and export of goods, the most commonly used instrument of payment is a letter of credit (LC). Unknown to many, there are many pitfalls and traps in the use of various types of letters of credit that can be risky for businesses and can lead to financial losses when done improperly.
To address these issues, the Center for Global Best Practices will hold a pioneering two-day seminar titled “Best Practices In Letters of Credit”on Sept. 8 & 9, at the Peninsula Hotel, Makati City.
This two-day seminar is a comprehensive guide for participants on everything they need to know about LC transactions. Attendees will learn practical steps in issuing proper LCs and how they work, what to do to avoid pitfalls, and actions to take in cases of discrepancies.
The program will also cover new regulations (and the application of UCP 600) involving letters of credit.
The lecture will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and who has 15 years of banking experience in Europe covering areas of international trade finance, remittances, guarantees, and import and export.
This one-time event offers early bird discounts for those who will pay early, and group discounts for attendees of three or more. For details and a complete list of seminars, you may log on to www.cgbp.org or contact program leader Zennie Escudero at 842-7148/59 and 556-8968/69 or email at zennie@cgbp.org.