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Philippine Clearing House Corporation

* owned and operated by private banks * clearing of cheques is done electronically * uses multilateral netting system * processing & settlement through DDA of banks & financial institutions that are maintained with the BSP

Electronic Cheque System (ECS) Data shall be the basis for:

- determining the results of exchange - posting to the Banks DDA with BSP - debiting of Clients Accounts

- Participant banks shall ensure integrity of data as they represent clearing demands against other participants. - Reconciliation shall be the responsibility of both the presenting & the drawee banks. - Erring bank shall initiate/undertake immediate corrective action. - Notifications shall be done by the fastest means of communication.

- Participant bank causing inconvenience shall be compensated by way of penalties. - Settlement of discrepancy shall be via charge slip. - Penalties shall separately collected via charge slip.

- Participating banks shall capture and transmit MICR code line information to PCHC on/or before 4:30 PM, hence, they need the following: - MICR Readers/Encoders - Micro computer/PC w/ modem - Dial up or leased line - Front-end Software - Registration of transmitting branch - Communication Software

- Batch size is reduced from 200 to a max of 100 or less items. - Banks shall download outward / inward files and reports. - Outward / inward clearing discrepancies shall be reconciled / proved between the physical & the ECCS values. - Unmatched items / records shall be accounted using the Senders or Drawees Exception reports.

- The MICR Code line is composed of a series of MICR characters divided into fields which are encoded at the 5/8 band found at the bottom edge of the Cheque. It has a standard size, specifications and whose design was adopted by the BAP. - Personal Cheque ( 3 x 7 ) - Commercial Cheque ( 3 x 8 )

Cheque processed through MICR Encoder:

Cheque Number

Account Number


BRSTN (Bank Routing Symbol Transit Number)

Cheque NOT processed through MICR Encoder:

Cheque Number

Account Number

Amount (none)

BRSTN (Bank Routing Symbol Transit Number)


MICR Reader

Encoder Courier 2:00PM(ODC) 3:00PM

Delivery Statement

Outward Items Master List/s

Outward Electronic Data (4:30PM)

PCHC Clearing Results BANK HO/CCO Dispatch Clearing Items (Inward)

Package inward Color Coded Plastic Pouch


Clearing Reports


Diskette/ CD/USB


BSP Circular No. 681 dated February 8, 2010 Effectivity: January, 2011

1. Checks dishonored due to insufficient funds or credits or with stop- payment order shall be returned to the PCHC not later than 7:30 AM of the next clearing day. Hence, the return window is shortened by 9 hours.

BSP Circular No. 681 dated February 8, 2010

2. Demand Deposit Account balances of banks with the BSP are final before 9:00 AM of the next clearing day. 3. Banks with current rediscounting line are entitled to a clean Overdraft Credit Line equivalent to 15% of the approved rediscounting line.

BSP Circular No. 681 dated February 8, 2010

4. Banks not meeting established criteria, namely: CAMELS of not less than 3; CAR of not less than 10% and with no chronic deficiency in legal reserve; as well as other measures as may be defined by BSP for the purpose, shall put up a collateralized Overdraft Credit Line with the BSP; otherwise, their outward clearing items shall be subject to second day value dating.