The Philippine Clearing House Corporation (PCHC) has announced that the implementation of the new format of bank checks will roll out on May 01, 2024.
According to a memo issued by the PCHC in August 2023, “Old Format Checks” will no longer be accepted for clearing effective on the specified date, with a few exceptions:
1. Post-Dated Checks (PDCs) accepted and stamped “Warehoused” by banks before May 1, 2024.
2. PDCs without a “Warehoused” stamp but bearing or printed with a Unique Identification Code indicating receipt by banks (for warehousing) before February 11, 2019.
3. Manager’s Check/Cashier’s check issued by clearing banks, bearing the “Waiver Statement” and featuring required elements before the issuance of CICS OM No. 19-030.
4. Checks dated April 30, 2024, or earlier, presented for deposit or encashment before the 180th day from the date of issuance.
So, what changed?
1. Date Format: The date of issuance is in a standardized numeric format, following the MM-DD-YYYY sequence as indicated in the guide below the date line.
2. White Boxes: Each character of the date of issuance is placed in an individual white box.
3. Peso Sign Placement: The Peso Sign is positioned outside the boxed space designated for the Amount in Figures.
4. Boxed Spaces: White boxed spaces are provided for both the Amount in Figures and Signature/s of the Issuer/s.
Stakeholders may contact their respective banks for more information. Furthermore, PCHC encourages stakeholders to check out their website at pchc.com.ph to learn more information regarding this new update.
