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Portfolio Value Players with >60 transactions cedie_ezel 999,082.03 RB26DETT 997,443.11 longlib 992,520.71 zenbook 991,594.29 alex11 990,922.47 CatVal 988,630.93 bryl101 984,368.37 lexjo100 977,977.53 wade03 976,381.32 jjj03 966,877.20 nelquibs 942,727.23 Players with <60 transactions dody123 1,000,594.08 dodoy11 1,000,079.90 aleihs 999,840.74 leyram 998,917.94 mami&dadi 997,725.45 SuperbSam 979,431.11 burnok10 947,412.16 garnett05 944,779.74



Portfolio Value Players with >60 transactions Player zenbook * 1,014,763.29 RB26DETT * 1,011,857.11 longlib * 1,003,149.88 cedie_ezel * 1,002,336.03 CatVal 997,625.93 lexjo100 989,588.36 bryl101 988,345.75 alex11 986,521.92 jjj03 977,718.20 wade03 971,384.81 nelquibs 959,827.23 Players with<60 transactions dody123 1,004,881.08 aleihs 1,000,635.74 dodoy11 1,000,250.90 leyram 998,917.94 mami&dadi 998,079.45 SuperbSam 985,422.61 burnok10 961,357.16 garnett05 950,089.74

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Portfolio Value Players with >60 transactions zenbook * 1,022,694.12 RB26DETT * 1,016,351.11 longlib * 1,003,545.88 cedie_ezel * 1,002,207.03 CatVal 996,229.43 lexjo100 990,045.86 bryl101 989,600.75 alex11 986,001.92 jjj03 978,781.70 wade03 969,157.28 nelquibs 959,267.73 Players with <60 transactions dody123 1,004,695.58 aleihs 1,001,031.74 dodoy11 1,000,201.90 leyram 998,917.94 mami&dadi 998,003.95 SuperbSam 985,983.11 burnok10 961,001.11 garnett05 950,554.74


It is the exchange of goods and services among nations.

Natural Barriers
Language Monetary Unit or Currency

Artificial Barriers

Policies on movement of goods; Capital Workers


nations benefit from international trade. Even self-sufficient countries depend on trade for some products. No nation is entirely self-sufficient, and no trader can supply raw materials that are not domestically available. E.g.

U.S. buys oil from the Middle East Philippines imports rice from Vietnam/Thailand Most countries buy products from China


Complications An importer must be able to pay his foreign supplier in the suppliers currency.


through commercial banks Most common method of financing is by securing a letter of credit.


goes to his bank and obtain l/c. Domestic bank sends letter of credit to exporters bank through foreign correspondent bank. Exporter is notified of the presence of the l/c. Exporter ships goods to the importer. Importer encashes draft and receives payment through his currency.


are more conversant with proper procedures. Banks are knowledgeable of existing conditions in constantly changing foreign markets.

Import credits are obtained to finance the buying of goods from other countries. Import Credits

Export credits are obtained to finance the selling of goods outside the country. Export Credits


sales are handled on the following


Sales against letter of credit opened by order and for the account of the buyer in favor of the seller. Sales against authority to purchase or authority to pay. Sales on the basis of dollar drafts drawn by seller on the buyer. Sales against cash deposits in advance of shipment. Sales on open account Sales on consignment


importers transact through letters of credit. The buyer requests his bank to arrange for a commercial letter of credit in favor of the seller.

Name of the issuing bank Buyers name Date of the l/c Sellers name Approx. value of goods to be shipped Description of the nature and quantity of merchandise Terms of the draft and name of the drawee bank

Terms of sale Cost of drawing Documents attached for negotiation Shipping route Latest date of shipment and latest date to negotiate draft Clear and specific indication of the issuing bank that the draft will be honored


the one who initiates the opening of the l/c Seller beneficiary of the l/c Opening or Issuing Bank the buyers bank Advising Bank the bank to whom the l/c is mailed and who advises or notifies the seller Negotiating bank the bank to whom the draft and the documents presented and who makes payment to the supplier Confirming Bank the bank that adds its confirmation that all drafts presented would be duly honored.


completion by seller and buyer that payment will be through l/c Buyer obtains l/c from his local bank Opening bank writes or wires advising bank to inform seller of the l/c Seller prepares shipment and ships according to terms and conditions Seller presents his draft to the negotiating bank to receive payment Bank effecting payment examines conformity to terms and conditions of l/c and gives payment


credit security the exporter receives the assurance that after having complied with the requirements of the l/c, his drafts would be duly honored. For credit facility enables supplier to receive payment after shipment and even if merchandise is still in transit. For exchange security a commercial l/c presupposes that opening bank has obtained consent of exchange authorities for the availment of the required dollars before opening the credit.


to pay or authorities to purchase take the form of a commercial l/c, except that it may be revoked without prior notice to the beneficiary. Beneficiary obtain no credit security. The buyer may ignore his contract with the seller and purchase the same line of goods from another seller at a lower price. The notifying and the paying banks assume no liability to the seller.


on the basis of sight or time draft drawn by the seller on the buyer. Drafts are usually accompanied by the shipping document together with full instructions on collection. When drawn at sight, it is called Drawn for Payment. When drawn for acceptance, it is called Drawn for Acceptance.


are done upon payment in whole or in part, in advance of shipment. This becomes necessary when:

Credit risks are doubtful; Exchange restriction within the country of destination are such that returns of funds from abroad may be delayed for an unreasonable period; The exporter for any other reason is unwilling to sell on credit terms.


are made without drawing on the buyer who is supposed to make payment at the expiration of a previously determined period. There is an absence of a tangible obligation. An absence of a definite maturity date.


may be made to a branch office or subsidiary or agent of the exporter. No tangible obligation is created. There is difficulty to convert local currency into dollars for remittance to the exporters. Merchandise may be consigned through banks but many banks do not accept consigned merchandise.


exchange is in the form of currencies, drafts and bills exchange in terms of a foreign currency which may be bought or sold in terms of another currency for purposes of financing foreign transactions.


institutions operating in the Philippines; The Government, its political subdivisions and instrumentalities; Foreign or international financial institutions; Foreign governments and instrumentalities; Other entities or persons the Monetary Board authorizes as forex dealer.


exchange rate is the rate at which one currency is exchanged for another currency. The Monetary Board shall determine the exchange rate policy.


pegged rate fixed by the monetary authorities regardless of demand or supply conditions in the market. Free floating rate without official interventions the rate of exchange is determined by the interplay of demand and supply condition at the foreign exchange market. The monetary authorities allow the rate to fluctuate in accordance with the demand and supply factors but the government intervenes in cases of extreme fluctuations.

nations balance of trade is the difference between the money value of a countrys imports and values of its exports. If exports > imports = favorable balance of trade If imports > exports = unfavorable balance of trade

nations balance of payments is a financial statement covering a year, or part of a year, which summarizes receipts from abroad and disbursements to foreigners.


account transactions Capital movement Unilateral transfer Gold account Error and ommission


condition is one where foreign exchange receipts exceed foreign disbursements. Deficit condition is a situation where the countrys collective disbursements are greater than that of its collective receipts. Equilibrium a countrys total collective receipts are equal to that of its total collective disbursements.


effects Disturbance in foreign exchange market transactions Discourage exports Induce restrictions on importation