The Philippine Clearing House Corporation (PCHC) has announced that the implementation of the New Check Design Standards and Specifications would be deferred to May 1, 2024.
"This deferment in implementation is effected with a view to allowing more time for bank clients to exhaust remaining checks or base stocks of printed checks in their possession," the PCHC said in a memorandum circular obtained by GMA News Online on Friday.
The PCHC's first circular on the new check design standards include the standard issue date format, which is month-day-year. It also noted that the date format guide is indicated below the date line. Further, an individual box is provided for each character of the issue date while the peso sign is moved out of the box.
There are also boxed white spaces for writing the date of issue, amount in figures, and signature of the issuer or drawer. According to the PCHC, these changes intend to set a uniform format writing of date in the checks to avoid misinterpretation and enhance check processing capabilities by providing banks with better optical character recognition features.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UN predicts world economic growth to slow in 2023, pick up in 2024 - BusinessWorld OnlineGlobal economic growth is projected to slow to 1.9% this year from an estimated 3% in 2022, according to a United Nations (UN) report released on Wednesday that blamed the coronavirus disease 2019 (COVID-19) pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis. The World Economic Situation and Prospects report said this would […]
Read more »
POC seals 'French Connection' for Paris 2024 OlympicsTHE Philippine Olympic Committee (POC) established on Thursday its 'French Connection' whose mission is to help guarantee the preparedness both physically and mentally of Filipino...
Read more »
New Zealand offers 16 postgraduate scholarships to FilipinosNew Zealand will be awarding scholarships to 16 qualified Filipinos to pursue their postgraduate degrees there in 2024.
Read more »
New year, new printer: join the HP Smart Hack Challenge | BusinessMirrorJoin the HP Smart Hack Challenge and be rewarded with the ultimate upgrade: a chance to win an HP Smart Tank 720 Wireless all-in-one printer. Know more:
Read more »