Letter of Credit

Trade is concerned with goods bought in a different country for personal use in the Philippines.

• TRUE

• FALSE

Trade payments are only governed by rules and regulations by the Bangko Sentral ng Pilipinas.

• TRUE

• FALSE

Details on the Proforma Invoice are not yet final and are subject to change.

• TRUE

• FALSE

Purchase Orders are issued by the Importer before the shipment of goods.

• TRUE

• FALSE

For all trade payments, Commercial Invoices and Shipping Documents are coursed through the Banks.

• TRUE

• FALSE

The Applicant of the Letter of Credit

is also known as the Supplier of

Goods.

• TRUE

• FALSE

Commercial Invoices must be

presented upon the issuance of the

Letter of Credit.

• TRUE

• FALSE

The Negotiating Bank is always

different from the Advising Bank.

• TRUE

• FALSE

If the documents presented during

negotiation do not comply with the

Terms and Conditions of the Letter

of Credit, the Buyer does not have

the option to accept the

discrepancies.

• TRUE

• FALSE

Payment for Usance Letters of

Credit are made on a predetermined

future date.

• TRUE

• FALSE