Credit Line certificate

Page 1 of 2 1, 2  Next

View previous topic View next topic Go down

Credit Line certificate

Post by nenette on Wed Dec 02, 2009 4:42 pm

Gud pm

sa revised IRR kailangan ang credit line certificate ay issued by a universal or commercial bank. kung issued by a multipurpose cooperative acceptable ba?

tnx

nenette
avatar
nenette
New Member
New Member

Female Number of posts : 15
Company/Agency : UP Open University
Occupation/Designation : Administrative Officer
Registration date : 2009-09-14

Back to top Go down

Re: Credit Line certificate

Post by Niwram on Wed Dec 02, 2009 5:04 pm

good afternoon nanette..

If the Multipurpose Cooperative has a certification from the BSP that it is to be considered as a bank then it can be accepted..
avatar
Niwram
Valued Contributor
Valued Contributor

Male Number of posts : 263
Company/Agency : Matatag na Republika ng Pilipinas
Occupation/Designation : Katulong Pambatas II/Tagapayo sa Tawad at Parangal na Komite
Registration date : 2009-10-06

Back to top Go down

Re: Credit Line certificate

Post by RDV @ GP3i on Thu Dec 03, 2009 7:08 am

mmp wrote:good afternoon nanette..

If the Multipurpose Cooperative has a certification from the BSP that it is to be considered as a bank then it can be accepted..

Sorry, mmp, but I believe the revised IRR is already very clear.

The general rule is that the Credit Line Commitment has to be issued by either a Commercial Bank or the Universal Bank. The only exception is in th case of LGUs (which nanette is not from as she is from UP Open University). In which case, a CLC coming from an institution, other than a Universal Bank or a Commercial Bank, may be accepted provided it is accompanied by a certification from the BSP that it is authorized to issue that CLC (not a certification that it is considered a bank.)

A particular rural bank, for example, is definitely a bank (and the BSP could issue a certification that it is a bank) but it will not satisfy the requirement of the revised IRR because the certification has to be that that particular rural bank is authorized by the BSP to issue a CLC (or a Letter of Credit, a bank guarantee in the case of bid/performance securities, for another example).
avatar
RDV @ GP3i
Grand Master
Grand Master

Male Number of posts : 1611
Company/Agency : DBM-Reg'l Office IV-B
Occupation/Designation : Regional Director/ Procurement Trainer
Registration date : 2008-09-04

http://gppphil.org/

Back to top Go down

Re: Credit Line certificate

Post by Guest on Thu Dec 03, 2009 1:46 pm

I agree with RDV that provisions provided that CLC should be issued by a commercial or universal bank but reading further the revised IRR under

Section 23.5.1.4. and Section 23.5.2.6 provides that

For biddings conducted by LGUs, the prospective bidder may also submit CLC from other banks certified by the BSP as authorized to issue such financial instrument.

Therefore if a certification is issued by the BSP authorizing the Coop to issue CLC under this rule is permitted.

I agree to RDV and mmp

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by misty on Fri Dec 04, 2009 9:47 am

Good morning!

May I know if the bidder can submit the credit line certificate instead of the credit line commitment as its eligibility requirement? will it render the bidder "failed" if what is submitted is the CL certificate instead of the CL commitment?

Do banks have a standard format for both? or is the gppb coming out with the standard format for both?

thank you.
avatar
misty
Active Poster
Active Poster

Female Number of posts : 71
Company/Agency : lgu
Occupation/Designation : finance
Registration date : 2009-06-08

Back to top Go down

Re: Credit Line certificate

Post by Guest on Fri Dec 04, 2009 10:46 am

I believe Credit Line Certificate is diff. from Credit Line Commitment.
CL Certificate is a credit line itself.
CLC is a commitment from a bank that the bank will extend a CL to the bidder.

CLC is issued by the Banks. No GPPB is not coming out with the standard format for both because i believe that only banks can issue such documents.

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by misty on Fri Dec 04, 2009 1:34 pm

thank you for the reply.

as to my second question, since they - cl commitment and cl certificate - are not the same, it means that the bidder will not be eligible. am i right?
avatar
misty
Active Poster
Active Poster

Female Number of posts : 71
Company/Agency : lgu
Occupation/Designation : finance
Registration date : 2009-06-08

Back to top Go down

Re: Credit Line certificate

Post by Guest on Fri Dec 04, 2009 1:45 pm

Let me clarify;

1. CLC issued by a universal bank or commercial bank or

2. CLC issue by other Banks + Certification of BSP that they are authorized to issued such financial document.

If a Bidder only pass a CLC issued by a universal bank or commercial bank = eligible

If bidder only pass a CLC issued by other Banks = ineligible

If Bidder pass a CLC issued by other Banks + Certification of BSP that they are authorized to issued such financial document = eligible

I hope this answer your question.

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by orlan747 on Sun Dec 06, 2009 11:53 am

Hmmm... I am learning a lot from you guys.. Thanks. Smile
avatar
orlan747
Active Poster
Active Poster

Male Number of posts : 93
Company/Agency : Golden OCS Construction
Occupation/Designation : Manager
Registration date : 2009-04-01

Back to top Go down

Re: Credit Line certificate

Post by engrjhez® on Sun Dec 06, 2009 5:21 pm

WormaixJr wrote:I agree with RDV that provisions provided that CLC should be issued by a commercial or universal bank but reading further the revised IRR under

Section 23.5.1.4. and Section 23.5.2.6 provides that

For biddings conducted by LGUs, the prospective bidder may also submit CLC from other banks certified by the BSP as authorized to issue such financial instrument.

Therefore if a certification is issued by the BSP authorizing the Coop to issue CLC under this rule is permitted.

I agree to RDV and mmp

I would like to clarify the issue. The question raised by nenette was from the view of SUC (State Universities and Colleges) and not from LGU (Local Government Unit). Hence, the only acceptable CLC for the purpose must come from a Universal Bank or a Commercial Bank - no more, no less.

I agree to RDV but not with mmp. afro

Peace...
avatar
engrjhez®
Grand Master
Grand Master

Male Number of posts : 2480
Age : 39
Company/Agency : City Government of Bacoor [Region IV-A, Province of Cavite]
Occupation/Designation : Office of the City Legal Service (OCLS) / Certified National Trainer - PhilGEPS
Registration date : 2008-10-31

http://www.bacoor.gov.ph

Back to top Go down

Re: Credit Line certificate

Post by engrjhez® on Sun Dec 06, 2009 9:49 pm

GPPB-TSO,

For the purposes of information for everyone: may we know if there is a consolidated list of all Universal and Commercial Bank that the GPPB may issue for this purpose. In case of doubt, where can we verify if the bank is whether universal or commercial?

Please comment if the link below is reliable.

•List of Banks in the Philippines•


bounce
avatar
engrjhez®
Grand Master
Grand Master

Male Number of posts : 2480
Age : 39
Company/Agency : City Government of Bacoor [Region IV-A, Province of Cavite]
Occupation/Designation : Office of the City Legal Service (OCLS) / Certified National Trainer - PhilGEPS
Registration date : 2008-10-31

http://www.bacoor.gov.ph

Back to top Go down

Re: Credit Line certificate

Post by Guest on Mon Dec 07, 2009 9:35 am

The BSP is the proper agency to verify whether or not a bank is a universal or commercial bank.

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by Guest on Mon Dec 07, 2009 9:37 am

engrjhez wrote:
WormaixJr wrote:I agree with RDV that provisions provided that CLC should be issued by a commercial or universal bank but reading further the revised IRR under

Section 23.5.1.4. and Section 23.5.2.6 provides that

For biddings conducted by LGUs, the prospective bidder may also submit CLC from other banks certified by the BSP as authorized to issue such financial instrument.

Therefore if a certification is issued by the BSP authorizing the Coop to issue CLC under this rule is permitted.

I agree to RDV and mmp

I would like to clarify the issue. The question raised by nenette was from the view of SUC (State Universities and Colleges) and not from LGU (Local Government Unit). Hence, the only acceptable CLC for the purpose must come from a Universal Bank or a Commercial Bank - no more, no less.

I agree to RDV but not with mmp. afro

Peace...

No info in the facts that the Procuring Entity is a SUC thus such answer. We only give our opinion based on the facts presented.

Sorry for double posting


Last edited by WormaixJr on Mon Dec 07, 2009 9:41 am; edited 1 time in total (Reason for editing : apology for double posting)

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by engrjhez® on Mon Dec 07, 2009 11:10 am

WormaixJr wrote:
No info in the facts that the Procuring Entity is a SUC thus such answer. We only give our opinion based on the facts presented.

Ah ok. I thought unless specifically mentioned, it is therefor by default, that the question raised by an identified member (bearing his/her profile details) pertains to the question applicable to his/her affiliation in the same Procuring Entity. Very Happy
avatar
engrjhez®
Grand Master
Grand Master

Male Number of posts : 2480
Age : 39
Company/Agency : City Government of Bacoor [Region IV-A, Province of Cavite]
Occupation/Designation : Office of the City Legal Service (OCLS) / Certified National Trainer - PhilGEPS
Registration date : 2008-10-31

http://www.bacoor.gov.ph

Back to top Go down

Re: Credit Line certificate

Post by Guest on Mon Dec 07, 2009 11:30 am

engrjhez wrote:
WormaixJr wrote:
No info in the facts that the Procuring Entity is a SUC thus such answer. We only give our opinion based on the facts presented.

Ah ok. I thought unless specifically mentioned, it is therefor by default, that the question raised by an identified member (bearing his/her profile details) pertains to the question applicable to his/her affiliation in the same Procuring Entity. Very Happy

Sorry po i mean no disrespect.

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by misty on Mon Dec 07, 2009 1:53 pm

gud pm.

sir wormaixjr, ang gusto ko pong linawin ay kung and credit line certificate na agad ang ibigay ng bidder bilang isa sa kanyang financial documents para maging eligible siya kapalit ng credit line commitment.

I asked this in as much as if awarded the contract, the bidder has to replace the credit line commitment with the actual credit line certificate.

please excuse my kakulitan. i really need to know.

thank you very much.
avatar
misty
Active Poster
Active Poster

Female Number of posts : 71
Company/Agency : lgu
Occupation/Designation : finance
Registration date : 2009-06-08

Back to top Go down

Re: Credit Line certificate

Post by Guest on Mon Dec 07, 2009 1:58 pm

in case po ng LGU, under the provision of IRR pag any other banks na hindi universal or Commercial sabay po ang submission ng certification of BSP at CLC.

Nasagot ko po ba tanong nyo?

wala pong problema. and your very very welcome po.

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by Niwram on Mon Dec 07, 2009 2:32 pm

credit line commitment po ang unang sinasubmit in every procurement then papalitan po ng credit line certificate pag nanalo na po kayo sa bidding.. Smile
avatar
Niwram
Valued Contributor
Valued Contributor

Male Number of posts : 263
Company/Agency : Matatag na Republika ng Pilipinas
Occupation/Designation : Katulong Pambatas II/Tagapayo sa Tawad at Parangal na Komite
Registration date : 2009-10-06

Back to top Go down

Re: Credit Line certificate

Post by engrjhez® on Mon Dec 07, 2009 2:57 pm

misty wrote: ang gusto ko pong linawin ay kung and credit line certificate na agad ang ibigay ng bidder bilang isa sa kanyang financial documents para maging eligible siya kapalit ng credit line commitment.

I asked this in as much as if awarded the contract, the bidder has to replace the credit line commitment with the actual credit line certificate.

please excuse my kakulitan. i really need to know.

thank you very much.


It is the Commitment that is required by law. (Sec.23.1.a.vi) for the financial purposes. It cannot go the other way around unless nasa Certificate na meron statement of commitment pa rin ang bank. Very Happy
avatar
engrjhez®
Grand Master
Grand Master

Male Number of posts : 2480
Age : 39
Company/Agency : City Government of Bacoor [Region IV-A, Province of Cavite]
Occupation/Designation : Office of the City Legal Service (OCLS) / Certified National Trainer - PhilGEPS
Registration date : 2008-10-31

http://www.bacoor.gov.ph

Back to top Go down

Re: Credit Line certificate

Post by misty on Wed Dec 09, 2009 10:13 am

maraming salamat po, wormaixjr, mmp at engrjhez.
avatar
misty
Active Poster
Active Poster

Female Number of posts : 71
Company/Agency : lgu
Occupation/Designation : finance
Registration date : 2009-06-08

Back to top Go down

Re: Credit Line certificate

Post by Guest on Wed Dec 09, 2009 10:58 am

misty wrote:maraming salamat po, wormaixjr, mmp at engrjhez.

Your very welcome po! cheers

Guest
Guest


Back to top Go down

Re: Credit Line certificate

Post by Niwram on Wed Dec 09, 2009 11:31 am

welcome poh Very Happy
avatar
Niwram
Valued Contributor
Valued Contributor

Male Number of posts : 263
Company/Agency : Matatag na Republika ng Pilipinas
Occupation/Designation : Katulong Pambatas II/Tagapayo sa Tawad at Parangal na Komite
Registration date : 2009-10-06

Back to top Go down

Re: Credit Line certificate

Post by misty on Mon Dec 21, 2009 11:55 am

good morning!

I have some questions . . again. Please help.

1. One of the bidders submitted a credit line certificate(SF Good 15). He said that it is as good as credit line commitment in as much as in its first paragraph the following were indicated "commits to provide the bidder, if awarded, the above-mentioned. . . ." Is he correct? I am confused.
Does anybody have a sample of the credit line commitment?

2. One of the suppliers submitted a credit line certificate from a universal bank with the amount and the name of the bank machine validated. however, it did not bear the letterhead of the bank. Is this acceptable?

thank you.
avatar
misty
Active Poster
Active Poster

Female Number of posts : 71
Company/Agency : lgu
Occupation/Designation : finance
Registration date : 2009-06-08

Back to top Go down

Re: Credit Line certificate

Post by riddler on Mon Dec 21, 2009 12:08 pm

misty wrote:good morning!

I have some questions . . again. Please help.

1. One of the bidders submitted a credit line certificate(SF Good 15). He said that it is as good as credit line commitment in as much as in its first paragraph the following were indicated "commits to provide the bidder, if awarded, the above-mentioned. . . ." Is he correct? I am confused.
Does anybody have a sample of the credit line commitment?

During the Opening of Bids, only a COMMITMENT from the BAnk is required by the BAC. After the Award this Commitment to extend a Credit Line shall be SUBSTITUTED by the Bidder/Bank into a cREdit Line Certificate.

misty wrote:2. One of the suppliers submitted a credit line certificate from a universal bank with the amount and the name of the bank machine validated. however, it did not bear the letterhead of the bank. Is this acceptable?

thank you.

It doesn't matter, the BAC-TWG can always inquire the Bank, kasi nasa post-qual stage pa lang tayo nyan. Very Happy
avatar
riddler
Board General
Board General

Male Number of posts : 598
Company/Agency : lgu
Occupation/Designation : endyeenel
Registration date : 2009-03-03

Back to top Go down

Re: Credit Line certificate

Post by misty on Tue Dec 22, 2009 9:48 am

thank you, sir ruel.

do you have a sample format of a credit line commitment? how does it really differ from the credit line certificate?

again, thank you.
avatar
misty
Active Poster
Active Poster

Female Number of posts : 71
Company/Agency : lgu
Occupation/Designation : finance
Registration date : 2009-06-08

Back to top Go down

Re: Credit Line certificate

Post by Sponsored content


Sponsored content


Back to top Go down

Page 1 of 2 1, 2  Next

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum