Bankers, traders’ guide to revised ISBP

The Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will host a twoday training titled, “Revised ISBP on LC Transactions for Bankers, Importers and Exporters, Lawyers, Insurers and Transporters” to be held on Nov. 28 and 29, at the Manila Marriott Hotel, Pasay City.

International Standard Banking Practice (ISBP), must be understood by stakeholders who are involved in international trading of imported and exported goods, provide details on how to apply banking practices under Uniform Customs and Practice for Documentary Credits (UCP 600) to various trade documents (invoices, transport documents, bills of lading, certificates of origin) and feature documents including packing list, weight list, beneficiary certificate, non-negotiable sea waybills, analysis, inspection, health, phytosanitary, quantity and quality certificate, etc. All it takes is just one discrepancy in export/ import documentation under LC to re- sult in non-payment. To avoid discrepancies, those handling Letters of Credit must know the UCP 600 and ISBP 2013 thoroughly. This revised ISBP addresses a range of subjects, for example, typing errors, mathematical calculations, drafts and how they are drawn, description of the goods in invoices and signing of bills of lading, among others. This twoday training program will teach you the basic principles, different types of transport documents, drafts and calculation of maturity date, invoices, documents and coverage, insurance, certificates and many more.

Check www.cgbp.org for details. You may also call land lines in Manila (+63 2) 8427148/59 and (+63 2) 5568968/69, Baguio (+63 74) 4232914, in Cebu (+63 32) 5123106 or 07, or Legazpi City (+63 52) 7360148.

This 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.