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The Philippine Deposit Insurance Corporation (Filipino: Korporasyon ng Pilipinas sa Seguro ng Deposito, [1] abbreviated as PDIC) is a Philippine government-run deposit insurance fund. It was established on June 22, 1963, by Republic Act 3591. It guarantees deposits up to ₱500,000. [2]
It was re-titled again through an Executive Order 85 on March 18, 2002, to Philippine Export-Import Credit Agency (PhilEXIM). On July 23, 2018, President Rodrigo Duterte approved the merger of the Home Guaranty Corporation and PhilEXIM to prevent operational redundancies, standardize policies, facilitate timely approvals, and lower ...
Image 1: After a contract is concluded between a buyer and a seller, the buyer's bank supplies a letter of credit to the seller. Image 2: The seller consigns the goods to a carrier in exchange for a bill of lading. Image 3: The seller provides the bill of lading to the bank in exchange for payment. The seller's bank then provides the bill to ...
The loans are made by private lenders with the caveat that the government will pay off the loans if the company defaults on them. Chrysler did not go into default. Another example was the creation of the Emergency Loan Guarantee Board to administer $250 million in US government loan guarantees made to private lenders on behalf of Lockheed in 1971.
Banks and financial institutions offer the following products and services in their trade finance branches. Letter of credit: It is an undertaking/promise given by a Bank/Financial Institution on behalf of the Buyer/Importer to the Seller/Exporter, that, if the Seller/Exporter presents the complying documents to the Buyer's designated Bank/Financial Institution as specified by the Buyer ...
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The application of the OECD arrangement in providing export credit is mandatory in EU countries under Art. 1 of Regulation (EU) No. 1233/2011. [ 4 ] The Berne Union , or officially, the International Union of Credit & Investment Insurers, is an international organisation for the export credit and investment insurance industry.
GCash launched its mobile application in 2012 to shift from physical outlets to a digital cashless system. [6] In 2017, GCash and its rival mobile wallet PayMaya , partnered with Facebook to offer its services within Facebook Messenger , but this partnership wouldn't last due to changes in Facebook's fintech strategy. [ 7 ]