How to use letters of credit in businesses

MANILA, Philippines — The issuance of letters of credit (LC) is one of the safest and most reliable commercial payment instrument and most commonly used in international trade transactions.  With the ASEAN integration and expected increase in global trade, many businesses want to learn how to use this mode of payment.  To help businesses effectively use LCs, the Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will host a two-day training titled, ‘Mastering the Use of LC for Import and Export’ on Oct. 10 and 11, 2018 at the Manila Marriott Hotel, Pasay City.

Attendees will learn practical steps and valuable tips 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. This program is highly recommended for importers, exporters, traders, manufacturers, entrepreneurs, bankers, insurers, transporters of goods, CFOs, company treasurers, lawyers (in case of trade disputes) and those interested in fully understanding how LCs work.

This program will feature Singapore-based expert Victor Tan, an authority in the field of international trade.  He has 15 years of banking experience in Europe covering areas of international trade finance, remittances, guarantees, and import and export. He has worked with various international banks and conducts highly specialized training programs for clients in Jakarta, Bangkok and Singapore. He will teach attendees all the best practices applications of LCs for one’s advantage.

This program is open to general public. Public officials and government employees attending training programs like this are exempted from the P2,000 limit set by COA based on the DBM Circular 563 dated April 22, 2016. Interested participants are encouraged to avail of group discount for three or more registrants. Seats are limited and pre-registration is required.

Check www.cgbp.ph for details and a complete list of international trade training programs or call landlines in Manila (+63 2) 842-7148/ 59 and (+63 2) 556-8968/ 69, in Baguio (+63 74) 423-2914, in Cebu (+63 32) 512-3106 or 07, or Legazpi City (+63 52) 736-0148.