Dear Valued Customer
This is to formally advise that the Philippine Clearing House Corporation (PCHC), through CICS OM No. 18-021 dated 16 April 2018, mandated that starting 1 July 2018 the Issue Date of cheques for clearing should follow the standard Month-Day-Year sequence, written in any of the following formats below:
|Fully Written||November 03, 2018|
|Abbreviated Month (first three letters)||Nov 3, 2018|
|Numeric Style (full year)||11032018|
|Numeric Style (last 2 digit year)||110318|
|Numeric with '/' partition (full year)||11/03/2018|
|Numeric with '/' partition (last 2 digit year)||11/03/18|
|Numeric with '-' partition (full year)||11-03-2018|
|Numeric with '-' partition (last 2 digit year)||11-03-18|
|Numeric with '.' partition (full year)||11.03.2018|
|Numeric with '.' partition (last 2 digit year)||11.03.18|
This is to address the issues raised by the Clearing Participants arising from the non-uniformity of their interpretations of the dates on cheques presented for clearing.
Prior to this standardization, a cheque with an issue date written entirely in numerals, without clear indication which refer to the month of issue, was difficult to determine whether post-dated or stale. For example, "050418" can either be 4 May 2018 or 5 April 2018.
As support, HSBC Philippines will implement the following changes to its cheque clearing process starting 1 July 2018.
All non-compliant Current - (CDCs) and Post-Dated Cheques (PDCs) accepted and warehoused starting 1 July 2018 will be referred or returned to the client.
All non-compliant PDCs accepted and warehoused before 1 July 2018, on the other hand, should continue to be accepted until paid/negotiated.
If you have clarifications on this matter, please contact us at + 63 2 581 7315 or email@example.com.
Client Services - Head