Learn how to use LCs in business

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 should 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 twoday training titled, Mastering the Use of LC for Import and Export from April 25 and 26 at the Manila Marriott Hotel, 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, participants will learn how to handle the pitfalls and traps in the use of the various types of letters of credit in the international trade transactions.

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.

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. He has worked with various international banks such as Standard Chartered Bank, Amsterdam Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and Barclays Bank, the last of which he served as deputy head of the trade finance department. Check www.cgbp.org for details and a complete list of international trade training programs including the Revised ISBP on LC Transactions, ICC Model International Sales Contracts, Incoterms, 2019 Revised Corporation Code of the Philippines, Write Right for Positive Results, Best Practices in Managing Cost and Profit, Understanding Trade Finance Practices & Compliance Issues for Auditors and many more. 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) 5123106 or 07, or Legazpi City (+63 52) 736-0148.