BSP extends deadline for banks’ check clearing

THE central bank has given participating banks one more month to comply with the faster check clearing system initiated in January.

“The Monetary Board, in its Resolution No. 417 dated 09 March 2017, approved the granting of additional 31 days for Philippine Clearing House Corporation clearing participant banks to fully comply with the Check Image Clearing System [CICS] standard, or by 21 April 2017,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr. said in a memorandum.