NextGen Day

Instead of May 2, 2023, the implementation of the issuing of a new check format and specifications has been postponed until May 1, 2024.

The Philippine Clearing House Corporation (PCHC), in an operating memo (OM) released on January 25, stated that the PCHC Board had given its approval to the Clearing Officers Club, Inc.’s suggestion to change the implementation date.

The memorandum stated that the delay in implementation was made in order to give bank clients more time to use up any residual checks or base stocks of printed checks they had on hand.

The most recent memorandum stated that the new standards will adopt the month, date, and year format on the check’s issue date, citing the memorandum published on February 11, 2019.

The peso sign was moved out of the box relative to the amount in figures, and it was stated that there should be boxed white spaces for writing the date of issuance, the amount in figures, and the signature of the issuer/drawer. The date format guide is shown below the date line.

The document stated that the changes were made to “improve check processing capabilities by providing banks with better optical character recognition features that are needed for an automated check verification system” and to “set a standard or uniform format of writing the date on checks in order to avoid misinterpretation of date of issue.”

According to the memo, checks that still use the outdated format and have the date of issue printed in alphanumeric are eligible for clearing as long as they are dated no later than April 30, 2024, and are delivered for a deposit before the 180th day has passed since the date of issue.

It said that the issue date on checks printed in the old style might be written in any order, such as Month-Day-Year, Day-Month-Year, or Year-Month-Day.

Alphanumeric Month-Day-Year sequence, on the other hand, is preferred in order to maintain consistency with the MM-DD-YYYY sequence required for issue date in numeric format, according to the memorandum.

The date of issuance must henceforth be written in numeric format and strictly in the MM-DD-YYYY or MM/DD/YYYY sequence on checks that are in the “new format” (i.e., with boxed spaces), the statement continued.

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