1st Discussion

Question 1

Shall refer to the act of bringing in of goods from a foreign territory into Philippine territory, whether for consumption, warehousing, or admission.

Answer 1

Importations

Question 2

Shall refer to the act, documentation and process of bringing goods out of Philippine territory.

Answer 2

Exportations

Question 3

When does importation begins?

Answer 3

when the carrying vessel/aircraft enters the Philippine Territory with the intention to unload therein.

Question 4

when does importation deemed terminated?

Answer 4

1. When the dueties, taxes and other charges have been paid or secured to be paid and the legal permit for withdrawal has been granted.
2. In case of free from duties, taxes and other charges: when the goods have legally left the jurisdiction of the Bureau.

Question 5

True/False
in the Import Trade Transaction, as the general rule, all kinds of merchandise imports are allowed.

Answer 5

True
(in the 2nd Paragraph) however, the importations of a certain commodities are regulated or prohibited for reasons of public health and safety, national security, international commitments, and development/rationalization of local industry.

Question 6

what are the classification of Imports

Answer 6

Freely Importable Commodities
Regulated Commodities
Prohibited Commodities
Restricted Commodities

Question 7

These are commodities the importation of which is neither regulated nor prohibited as defined under (2) and (3) hereunder. The importation may be effected without the prior approval of or clearance from any government agency.

Answer 7

Freely Importable Commodities

Question 8

These are commodities, the importation of which is not allowed under existing laws.

Answer 8

Prohibited Commodities

Question 9

These are commodities, the importation of which requires clearances/permits from appropriate government agencies including the BSP.

Answer 9

Regulated Commodities

Question 10

party that offers a good, service, or asset in return for payment.

Answer 10

seller

Question 11

are responsible forpurchasing goods for a company to use or sell in their own business. One who pays the money

Answer 11

are responsible forpurchasing goods for a company to use or sell in their own business. One who pays the money.

Question 12

What are the Mode of Payment for Imports?

Answer 12

LC
DP
DA
OA
DR

Question 13

It gives the seller assurance that he will receive the payment. It is a binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be transferred to the seller.

Answer 13

Letter of Credit

Question 14

True/False
LCs must be opened on or before the date of shipment and only one L/C should be opened for each import transaction.

Answer 14

True

Question 15

True/False
L/Cs shall be negotiated in accordance with the terms and conditions set forth in the L/C and shall be governed by the Uniform Customs and Practices on Documentary Credits (UCP 600)

Answer 15

True

Question 16

Are rules that apply to any documentary credit (“credit”).is the official publication which is issued by the International Chamber of Commerce (ICC)

Answer 16

UCP 600 (“Uniform Customs & Practice for Documentary Credits”

Question 17

Is an arrangement under documentary collection in which an exporter instructs the presenting bank to hand over shipping and title documents to the importer only if the importer fully pays the accompanying bill of exchange or draft.

Answer 17

DP

Question 18

In DP, No Payment from the buyer is equals to ___________.

Answer 18

No issuance of documents from the seller.

Question 19

Is an arrangement under documentary collection in which an exporter instructs the presenting bank to hand over shipping and title documents to the importer only if the importer accepts and signs the accompanying bill of exchange or draft.

Answer 19

DA

Question 20

In DA, No acceptance and signed bill of exchange from the buyer is equals to _______________.

Answer 20

No issuance of Documents from the seller.

Question 21

Is an arrangement whereby the shipping documents are sent and released by the exporter directly to the buyer, without coursing the documents through the banks, upon the buyer’s promise to pay at some future date after shipment.

Answer 21

OA

Question 22

True/False
In OA and as used herein, an import transaction to be considered under D/A or O/A must be payable at least 30 days after bill of lading (B/L) or airway bill (AWB) shipment date.

Answer 22

True

Question 23

Is a supplier-buyer arrangement where payment is made within 29 calendar days from bill of lading/airway bill date.

Answer 23

DR

Question 24

other Import arrangement

Answer 24

Self-Funded/“No Dollar” Imports
Importations on Consignment Basis.

Question 25

These are imports funded by importer’s own foreign currency deposit accounts or those sent by suppliers abroad for which no payment in foreign exchange will be made whether immediate or potential.

Answer 25

Self-Funded/“No Dollar” Imports

Question 26

These are importations by export producers of raw materials and accessories/supplies from foreign suppliers/buyers abroad for the manufacture or processing of products destined for export to said foreign suppliers/buyers. These shall also include machinery/equipment and spare parts consigned to the local manufacturer/processor for eventual re-export to the consignor: Provided, That the equipment involved shall be used only in connection with the processing of products for export.

Answer 26

Importations on Consignment Basis

Question 27

True/False
Export Trade Transactions general Policy of the BSP to encourage commodity exports which generate foreign exchange earnings for the country.

Answer 27

True
Commodity exports are allowed without restriction except for certain commodities which are regulated or prohibited for reasons of national interest or by provision of law.

Question 28

Classification of Exports

Answer 28

Freely Exportable Commodities
Regulated Commodities
Prohibited Exports
Restricted

Question 29

true/false
Export advances shall refer to all payments/remittances received before shipment, including prepayments and Red Clause advances.

Answer 29

true

Question 30

currencies that are use for payments for exports

Answer 30

U.S. dollar
Japanese yen
Pound sterling
Hong Kong dollar
Swiss franc
Canadian dollar
Singapore dollar
Australian dollar
Bahrain dinar
Kuwait dinar
Saudi riyal
Brunei dollar
Indonesian rupiah
Thai baht
United Arab Emirates dirham
Euro
Korean won
Chinese renminbi or yuan
Such other currencies that may be declared convertible by the BSP”