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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
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.
Treasury Bills for return may be sent through clearing following the
procedure stated under Section 4 (c) hereunder
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.
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.
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