On April 22, Abuel advised NAPC that DBM has already issued a notice of allocation for the untapped fund to cover trust receipts
for the implementation of socioeconomic programs and projects.
In addition, it incurred higher financing cost on the back of Cebu Air's fleet expansion and higher petrochem trust receipts
. It incurred market valuation losses on financial assets and derivative instruments as well as foreign exchange losses hitting P1 billion and P2.9 billion, respectively.
In addition, the group incurred higher financing cost on the back of CEB's fleet expansion and higher Petrochem trust receipts
The LOC supporting the trust receipts
deposited in the trusts expire on June 19, 2020, unless such dates are extended or earlier terminated.
Five percent of the total VAT collection of the BIR and the BOC from the immediately preceding year shall be treated as a special account in the General Fund or as trust receipts
for the purpose of funding claims for VAT refunds.
Commercial loans interest rates hit 7.97 per cent, while overdraft interest reached 9.36 per cent, 6.95 per cent for trust receipts
and 17.78 per cent for loans and other kinds of advances.
Topics covered included introduction to various instruments of trade finance, including import letter of credit, letter of guarantee loans against trust receipts
, and other advances against local bills discounts, government supply bill discounting and export credit to name a few.
Topics to be covered include introduction to various methods of trade finance, including import letter of credit, letter of guarantee loans against trust receipts
, and other advances against local bills discounts, government supply bill discounting, export credit etc.
The approval of Credit Agencies is an activity vested on the Director of Commerce for well over 60 years, by the Mortgage Act No 06 of 1949, the Trust Receipts
Ordinance 12 of 1947 and the Inland Trust Receipts
Act No 14 of 1990.
ADCBs Trade finance product suite include letters of credit, letters of guarantee, confirmation of documentation credits and documentary credit collection, receivables financing and trust receipts
. ADCB also provides customers with structured trade solutions and assistance with Export Credit Agencies backed financing.
Furthermore, the accused admitted lending money on Islamic profit basis used in Islamic banks, charging profit rates between four and six per cent, and collect cheques or trust receipts
as a security.