I wish our banks and the Philippine Clearing House Corporation (PCHC) were more systematic about changes affecting clearing.
Just days after most news organizations reminded the public that they had only till May 1, 2023 to use checks in the old format, the PCHC issued another memo deferring implementation by one year to May 1, 2024.
Just to be clear, this PCHC requirement is not a sudden one. PCHC’s CICS-OM No. 19-030 issued February 11, 2019 already mandated the changes. This was later superseded, however, by CICS OM No. 21-036 which moved the implementation date to May 2, 2023. Now, CICS OM No. 23-040 is moving it again to May 1, 2024. That’s the third time!
What is confusing is that not all banks appear to have received this advisory at the same time. One bank employee who I spoke with just today (January 27) confirmed the deferment but said it still had to inform its clients by email. Two other banks I also called today said they still had not received any advisory.
I had recently posted a blog about the May 2023 deadline and how the public could comply. However, the other night, someone sent me screenshots of a PCHC memo announcing the deferment of implementation to May 2024. I held off posting or sharing until I got some official indications. Today, one news organization did.
Anyway, what is important now is for reminders to be issued out regularly until May 2024. For those reordering checkbooks on a regular basis, you need not worry because banks have already been issuing new checkbooks with the new check format. Only those who hardly use their checks may be affected.