Amendment of Circular No. 910 dated 22 April 2O16

BSP CL 2017-002: Publication/Posting of Balance Sheet and Consolidated Balance Sheet (31 Dec 2016)

BSP CL 2017-001: Guidelines on the Issuance of DAR Clearance to Authorize the Transfer of Ownership of Agricultural Lands

BSP Circular 936-2016: Guidelines on the Implementation of EMV Card Fraud Liability Shift Framework with FAQs

BSP Circular 935-2016: Extension of the Deadline for the Exchange or Replacement of New Design Series Banknotes from 31 Dec 2016 to 31 Mar 2017

BSP Memo 023-2016: Regulatory Incentives for Mergers/Consolidations, Acquisitions of a Bank/Quasi-bank

BSP Memo No. 022-2016: Reminder on Handling Support for Magnetic Stripe Transactions Pending Full Compliance with EMV Migration Requirement

BSP Circular No. 932-2016: Amendments to Establishment/Relocation/Voluntary Closure/Sale of Branches

Regulatory Relief for Banks Affected by Typhoon “Lawin”

BSP CL 2016-092: Land Registration Authority (LRA) Implementation of Program for the Upgrade of Manually-Issued Titles Subject of Voluntary Transaction

BSP Circular No. 931: New Service Fees for Banks’ Deposit and Withdrawal Transactions to Operational Processes under the Enhanced Cash Management Services and Guideline on Clean Note and Coin Policy

BSP Memo 2016-015: Guidelines on the Electronic Submission of Prescribed Reports to the BSP SES through the SDC

BSP Cir. 929 – Amendments to Subsection x102.5 of the MORB on the Conversion of Microfina nce-Oriented Thrift/Rura I Banks/Branches

BSP Cir. 928 – Amendments to the Regulations Governing Fees on Retail Bank Products/Services and Dormant Deposit Accounts

Electronic Clearing of Checks to Start in January 2017

The Monetary Board (MB) has approved the adoption of the electronic clearing of checks which shall be implemented beginning 20 January 2017.

As BSP-designated exclusive provider of electronic check clearing services, the Philippine Clearing House Corporation (PCHC) shall implement the clearing of checks via electronic presentment through its Check Image Clearing System (CICS).

Using the PCHC’s CICS, only the digital images of checks and their electronic payment information are needed to be transmitted to the paying bank. The previous clearing system requires the physical delivery of checks.

The new check clearing process is expected to speed up the crediting of funds to depositors’ account from three to five banking days to only one banking day.

Aside from promoting financial consumer welfare, this reform initiative enhances the efficiency of the domestic payment system and promotes the faster movement of goods and services in the country.

The BSP recognizes the importance of check clearing to the domestic payment system. Thus, under a memorandum of agreement between BSP and PCHC, the central bank will take a more active role in supervising the country’s check clearing system by reviewing PCHC regulations as well as examining PCHC arrangements, processes and systems for check clearing.

To ensure the smooth implementation of this new process, the BSP enjoins banks to actively participate in the preparations for electronic check clearing.

The BSP is pursuing reforms to enhance the efficiency of the payment system as this is critical to the promotion of the country’s Financial Stability.

Related BSP Issuances: