June 26, 2024 - The Development Bank of the Philippines (DBP) is reminding its clients about the implementation of new check designs, effective May 1, 2024, as mandated by the Philippine Clearing House Corporation (PCHC). These new standards aim to streamline check processing and enhance security.
What's Changing?
The new check design features several key changes:
- Date Format: The date will now be written in month-day-year format (MM-DD-YYYY) with individual boxes for each number. This eliminates potential confusion caused by alphanumeric formats.
- Currency Sign Placement: The Peso (₱) sign will be located outside the "Amount in Figures" box for improved clarity.
- Signature Box: A designated white box will be provided for signatures, ensuring proper placement and legibility.
Important Exceptions
There are a few exceptions to the new design requirements:
- Post-Dated Checks (PDCs): PDCs stamped or printed with "Warehoused" or similar markings on the back and held by the bank are exempt.
- Manager's/Cashier's Checks: These specialized checks do not require the new format.
- Checks Issued Between November 4, 2023, and April 30, 2024: Checks issued within this timeframe can still be used under the old design.
What to Do if You Have Old Checks
Clients holding PDCs issued before May 1, 2024, are advised to contact their DBP branch to discuss how to deposit or warehouse these checks for future use.
For More Information
For further details, clients can visit their nearest DBP branch or refer to the PCHC website (https://portal.pchc.com.ph/) under the Publications section.