Understanding LCs for exporters, importers

The Philippine Star

MANILA, Philippines — 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 Basics of Letters of Credits on Nov. 14 and 15, at the Marriott Grand Ballroom, Resorts World Complex, Pasay City.

The program will guide participants on everything they need to know about LC transactions and operations.

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.

Discussion will also cover revised regulations and applications of UCP 600 involving letters of credit. Most importantly, you will learn how to handle the pitfalls and traps in the use of the various types of letters of credit (LC) in the international trade transactions. The 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.

The training will feature Singapore-based expert, Victor Tan, who is 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.

Check www.cgbp.org for details and a complete list of other best practices programs such as the NEW INCOTERMS 2020, Advanced Course on Letters of Credits, Board Effectiveness Best Practices, 2019 Revised Corporation Code of the Philippines, How to Build a Working Board, and many more. You may also call landlines in Manila (+63 2) 8842-7148 or 59 and (+63 2) 8556-8968 or 69, or Cebu (+63 32) 512-3106 or 07.







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