Regulatory Alerts2024-05-21
Added
FEOD Circular Letter No. 01: Regarding Harmonized Number System against Import LCs and Contracts
The document mandates the use of a harmonized 32-digit Nature Code system for all import Letters of Credit (LCs) and contracts, replacing previous classifications. It specifies 24 codes for foreign imports and 9 codes for local imports, with code 99 reserved for both categories. Importers must use 12-digit serial numbers for foreign imports and 13-digit serial numbers for local imports, and banks are instructed to update their systems to generate reports using these specific codes.
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