Graphics: Michelle Berdonar

Philippine banks will now only accept checks with the new format clearing starting May 1, 2024, reminded by the Philippine Clearing House Corporation (PCHC).

The new layout, which aims to optimize the automated check verification system, will now have the date, Amount in Figures and signature enclosed in boxes. The date is formatted in MM-DD-YYYY and a peso (₱) sign is provided before the “Amount in Figures” box.

Old checks or checks that were written in alphanumeric form may still be accepted. Postdated checks following the alphanumeric issue date will still be accepted for clearing provided that it is stamped with “Warehoused” by banks. Postdated checks without ‘Warehoused’ stamp but bearing “Unique Identification Code” prior to Feb. 11, 2019 shall also be exempted. Banks will still honor for deposit or encashment the checks with the old format issued before May 1 on or before the 180th day from the date of its issuance.

According to the PCHC, these changes aim to establish a uniform format for writing dates on checks in order to minimize misunderstandings and enhance the efficiency of check processing. As a result, banks will benefit from improved optical character recognition capabilities that will facilitate smoother transactions.