BSP CIRCULAR NO. 1310, October 15, 1991
EXPIRED LETTERS OF CREDIT (L/Cs)
National Administrative Register October 15, 1991
Pursuant to Monetary Board Resolution No. 1085 dated September 30, 1991, the pertinent portion of Section 17 of Circular No. 1029 dated October 12, 1984 stating that “expired L/Cs shall not be renewed or reinstated” is hereby amended as follows:
“Authorized agent banks may be allowed to revalidate expired letters of credit (L/C) up to a cumulative period of 360 days from the date of the original L/C opening, provided that no shipment has been effected and that such extension is made within thirty (30) days from the last expiry date, and further, that extension of L/Cs made beyond thirty days from the expiry date shall require prior Central Bank approval”
This Circular shall take effect immediately.
Adopted: 15 Oct. 1991
(SGD.) EDGARDO P. ZIALCITA
Officer-in-Charge