Copyright 2014 CD Technologies Asia, Inc.

Bangko Sentral ng Pilipinas 2013 1

September 19, 1977
CBP CIRCULAR NO. 580-77
SUBJ ECT : Amendment Of Circular No. 317, Series of 1970 and
Circular No. 432, Series of 1974
SECTION 1. Time and Place of Exchange
The clearing of checks, bills and other demand items contemplated in this
Circular shall be conducted in the premises of the Central Bank on the ground
floor of the Central Bank Building and at such other places in regional clearing
centers which the Central Bank may designate. The hour for making such
exchanges shall be at 4:00 P. M. on each business day as well as on all local
holidays in the clearing center and/or at such other times which may be fixed by
the Central Bank. LexLib
SECTION 2. Settling Clerks
The head office of each bank, institution or entity together with all its
branches within designated clearing areas (Annex "1") shall be considered as one
(1) unit and shall be represented by one or more (but not exceeding six) competent
clerks/representatives to deliver and receive the items to be exchanged. The
facsimile signatures and NBI Clearances of representatives shall be submitted to
the Accounting Department. All representatives shall be issued their respective ID
cards which shall be presented for admission in the clearing office or regional
clearing units.
SECTION 3. Items for Clearing
All checks and documents payable on demand and drawn against a
bank/branch, institution or entity allowed to clear may be exchanged through the
Clearing Office in Manila and the Regional Clearing Units in regional clearing
centers designated by the Central Bank. As evidence of the channel through which
they were negotiated, all items to be exchanged shall be properly endorsed and
guaranteed before being sent to the Clearing Office/Unit and shall bear the name
of the bank/branch, institution or entity to which they belong. Likewise they shall
be impressed by the sending bank/branch, institution or entity with a special stamp
to the effect that they have been cleared through the clearing facilities of the
Central Bank of the Philippines. The Clearing Office/Unit of the Central Bank of
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the Philippines shall in no way be responsible for any flaws or defects in the items
or for any irregularity whatsoever in any of their features.
Matured Philippine Treasury Bills which may be presented for clearing
shall be impressed with a special stamp with the word "PAID" and the name of the
bank/branch, institution or entity and the date of payment. The Treasury Bills shall
be sealed in separate envelopes properly stamped in bold letters "TREASURY
BILLS" with a machine tape listing the serial numbers and corresponding
amounts, the total of which shall be included an a debit against the Central Bank
of the Philippines. LexLib
Treasury Bills for return may be sent through clearing following the
procedure stated under Section 4 (c) hereunder
SECTION 4. Clearing Procedures
(a) Procedure for Regular Clearing
Each bank/branch, institution or entity, through its representative/s, shall
deliver their respective demands in sealed envelopes made out separately against
the other banks/branches, institutions or entities allowed to clear. The total of each
demand shall be listed in a certified adding machine tape attached to the sealed
envelope. In acknowledgment of receipt of the demands against the bank/branch,
institution or entity he represents, the settling clerk concerned shall prepare and
sign a Clearing Office Statement (Clearing Form No. 4) in duplicate for local
clearing. The original and duplicate of the statement shall be submitted to the
Chief, Clearing Office, in Manila or the Regional Clearing Officer in the regional
clearing centers. The original shall be retained and shall be the basis for settlement
of clearing balances in the respective deposit accounts with the Central Bank. The
duplicate duly authenticated by the Chief, Clearing Office or the Regional
Clearing Officer concerned, shall be returned to the bank/branch, institution or
entity concerned through their clearing representatives. The duplicate shall be the
basis of each bank/branch, institution or entity for taking up corresponding entries
in their respective books of accounts on the date of clearing.
For out-of town clearing, the Clearing Office Statement (Clearing Form No.
4-A) shall be prepared in quadruplicate for authentication by the Clearing Officer
who retains one copy. The third copy shall be returned to the sending bank/branch,
institution or entity through their respective clearing representatives. The original
and duplicate shall be shipped to or retained in the Manila Clearing Office, as the
case may be.
Out-of-town demands presented in a clearing center against a bank without
any branch in that particular clearing area shall be delivered to the Clearing
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Officer who shall prepare a debit advice (Clearing Form No. 4-B) for the head
office of the drawee bank/branch concerned in the Manila clearing area.
In acknowledgment of receipt of out-of-town demands, the duplicate of the
Clearing Office Statement and/or the original of the debit advice/s, settling clerks
of respective drawee banks/branches in each clearing center shall sign the shipping
manifest. These clearing office statements and/or the debit advice/s shall serve as
bases for the head offices in the Manila clearing area to record the results of
out-of-town exchanges in their books on the date of receipt.
(b) Procedure for Special Clearing
Demands may be presented directly to the drawee banks/branches,
institutions or entities concerned at times other than that specified in Section 1. For
this purpose, the Special Clearing Receipt (Cash Form No. 10) shall be used. The
original and duplicate copies of the receipt shall be retained by the sending
bank/branch, institution or entity and the triplicate shall be delivered to the drawee
bank/branch. At the following clearing session, the original of the Special Clearing
Receipt shall be presented as a demand against the bank/branch, institution or
entity concerned. Nothing in this section shall prevent direct settlement between
the parties concerned.
(c) Procedure for Returned Items
Items which should be returned for any reason whatsoever shall be
presented not later than the next regular clearing for local exchanges. Out-of-town
exchanges shall be returned within the period specified in the Memorandum to
Authorized Agent Banks announcing the opening of clearing facilities in each of
the authorized regional clearing center. Items for return shall be sealed in special
red envelopes and shall be considered and accounted for as debits to the
demanding banks/branches, institutions or entities and credits to the returning
banks/branches, institutions or entities. Nothing in this section shall present direct
settlement of returned items between the parties concerned.
Items which have been the subject of a material alteration or items bearing
a forged endorsement when such endorsement is necessary for negotiation shall be
returned within twenty-four (24) hours after discovery of the alteration or the
forgery but in no event beyond the period fixed or provided by law for filing of a
legal action by the returning bank/branch, institution or entity against the
bank/branch, institution or entity sending the same.
Missorts or items misdirected through clearing shall be returned at the next
clearing session, in special yellow envelopes and shall be accounted for as debits
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to the bank/branch, institution or entity which had misdirected the items. LexLib
d) Procedure for Excluded Member(s)
In case any bank/branch, institution or entity is excluded from clearing on
any day on account of tardiness or absence, value shall be given to deliveries of
the others present for credit to their accounts in accordance with normal settling
procedures. The total of said deliveries shall be debited to the account of the
excluded bank/branch, institution or entity. The bank/branch, institution or entity
excluded from clearing shall, as heretofore, send its representative to the Clearing
Office/Unit to prepare the clearing statement and accept deliveries on it. In case of
failure to send its representative, the Clearing Office/Unit shall, in the meantime,
receive such deliveries which should be picked up by the excluded bank/branch,
institution or entity not later than 5:30 P. M. on the same day.
In the event of strike or force majeure which prevents a bank/branch,
institution or entity allowed to clear from having access to its records or otherwise
ascertaining whether checks delivered to it shall be honored or returned, notice of
such circumstances shall immediately be given to the Central Bank Clearing
Office/Unit. In such cases, items drawn against the bank/branch, institution or
entity concerned shall not be presented for clearing.
SECTION 5. Loss of Clearing Items
Any loss or damage arising from theft, pilferage, or other causes affecting
items in transit shall be for the account of the sending bank/branch, institution or
entity concerned.
(SGD.) G. S. LICAROS
Governor
Clearing Centers Suburban Towns Cities Within the
Clearing Areas
1. Manila Quezon City, Pasay City, Caloocan
City, San J uan, Mandaluyong, Makati,
Paraaque, Navotas, Malabon,
Marikina, Pasig- Metro Manila,
Guagua,
2. Angeles City Pampanga; San Fernando- Pampanga
3. Bacolod City
4. Cagayan de Oro City
5. Cebu City Mandaue-Cebu
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6. Dagupan City Urdaneta-Pangasinan
7. Davao City
8. Iloilo City
9. Legazpi City Daraga, Tabaco - Albay
10. Naga City Iriga-Camarines Sur
11. San Fernando, La Union Baguio City
12. Tacloban Tacloban City
13. Zamboanga City