November 27, 1990
CBP MEMORANDUM
TO | : | All Commercial Banks, Land Bank of the Philippines and the Philippine National Bank |
In its Resolution No 1216 dated November 16, 1990, the Monetary Board decided that before any bank may open a Letter of Credit (L/C) denominated in foreign currency, the following steps must be observed: cdphil
1. The importer must submit an application to open the L/C which application must be supported, as a minimum requirement, by the following:
a. Resolution of the Board of Directors where the importer is a corporation authorizing the opening of the L/C or opening of an L/C line together with the authorized signatory/ies for the opening of the L/C.
b. Business Registration
Single Proprietorship — Certified true copy of the Certificate of Registration issued by the Bureau of Domestic Trade
Partnership — Certified true copy each of the By-Laws, the Articles of Incorporation and the Certificate of Registration with the Securities and Exchange Commission
c. Business Registration Certificate issued by the Bureau of Internal Revenue and xerox copy of the latest income tax return, duly stamped received by...