--$27.4 million enterprise system
trust receipts series 2011-1.
In 2013, the BSP made some improvements to the EDYRF by adding eligible collaterals for export-import financing, such as dollar-denominated
trust receipts covering the importation of goods and materials, and term loans to finance capital expenditures or plant expansion or modernization projects.
These include the following: (a) BSP-reported/registered short-term (ST) trade-related loans from eligible banks; (b) medium or long-term trade-related FCDU (foreign currency deposit unit) or RBU (regular banking unit) loans with payments maturing within 90 days as of date of application; (c) ST trade-related borrowings of oil companies from offshore banking units (OBUs); and (d) US dollar
trust receipts, among others.
"In most cases, SMEs in trading and manufacturing get bank facilities -- mainly letter of credit (LCs) and
trust receipts (TRs) -- at between 6 to 14 per cent annum," said Jitendra Gianchandani, chairman of Jitendra Consulting Group (JCG).
Changes to one or both of these ratings may affect the Long-term rating assigned to the floater and residual certificates and custodial
trust receipts.
These include: Short-term trade-related loans; medium/long-term trade-related foreign currency deposit unit/regular banking loans with payments maturing within 90 days; short-term trade-related borrowings of oil companies from offshore banking units; and US dollar
trust receipts.
The financing includes before and after shipping facilities, loans against
trust receipts, discounted bills, payments for receivable amounts and discounted export bills.
The long-term 'AA'/Outlook Stable rating assigned to series G-57 and G-58 Custodial Receipts are based on the rating that Fitch has assigned to the Royal Bank of Canada, acting through a New York branch, (RBC; AA/F1+/Stable) the provider of the irrevocable direct-pay letter(s) of credit (LOCs), which secures the
trust receipts deposited in the trusts that have a stated expiration date of Sept.
The SBL may be increased by an additional 10% provided that the additional liabilities are adequately secured by
trust receipts, shipping documents, warehouse receipts and similar documents.
The long-term 'AA'/Outlook Stable ratings assigned to the series G-50, G-53, G-54 Custodial Receipts are based on the rating that Fitch has assigned to the Royal Bank of Canada, acting through a New York branch, (RBC; AA/F1+/Stable) the provider of the irrevocable direct-pay letter(s) of credit (LOC), which secures the
trust receipts deposited in the stated trusts that have a stated expiration date of Sept.
These include the following: BSP-reported or -registered short-term trade-related loans from eligible banks; medium- or long-term trade-related loans with payments maturing within 90 days as of date of application; short-term trade-related borrowings of oil companies from offshore banking units; and US dollar
trust receipts, among others.
Marquez said the budget for the construction of the building, which will rise at the former site of the PNP's Internal Affairs Service building that burned down in June, will come from the
trust receipts of licensed gun owners.