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Daily BSP remittance due for Singapore agents
Wrisney Tan, Singapore
 

Wrisney Tan, Singapore  
(29th Jul 2002)


DAILY, instead of weekly Billing and Settlement Plan (BSP) remittance may be implemented in Singapore within a year.

If a plan currently being studied by the Executive Committee Singapore goes through, it may either mean Bank Guarantees (BGs) put up by agents against defaults will be significantly reduced, or even eliminated. It will probably also spell the end of credit terms for travellers. This development is expected to have the greatest impact on business travellers.

National Association of Travel Agents" (NATAS) president and Anglo-French Travel chief, Mr Lee Liat Cheng, who is also an agent representative in the ECSG, said: "It is what the airlines want ultimately. We have asked them for at least a year before implementation because agents have already put up BGs which last for a year."

"Customers who book tickets will have to pay up on the spot. The airlines are all looking at costs, and they have told us they are not credit companies, but then neither are we, so customers will just have to accept it."

The plan is in its infancy with details still being studied, but Mr Lee had said that closer to implementation, NATAS will start a consumer education exercise to help travellers understand why agents can no longer give them credit without interest.

 
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