Appropriate account to record the demand items delivered to Philippine Clearing House Corporation

CIRCULAR NO. 289 Series of 2001

Pursuant to the instruction of the Monetary Board under its Resolution No. 1103 dated July 12, 2001, to create the appropriate account to record the demand items delivered to Philippine Clearing House Corporation, Circular Nos. 108 (as amended) and 270, dated May 9, 1996 and December 19, 2000, respectively, are further amended, as follows:

Inclusion in the Asset accounts of a new account, “Due from PCHC Couriers”, for the purpose of monitoring the demand items received by authorized PCHC couriers from branches of commercial and thrift banks for delivery to PCHC;

Revision of the following:

a.    Manual of Accounts of Commercial and Thrift banks – A new account shall be included in the asset accounts as follows:

Due from PCHC Couriers

This represents the total amount of demand items received by authorized PCHC couriers for delivery to the Philippine Clearing House Corporation for settlement.  The following sub-control accounts shall be maintained:

Due from PCHC Couriers – Bangko Sentral Ng Pilipinas

Due from PCHC Couriers – National Government

Due from PCHC Couriers – Others

b.    General Ledger Template File of Commercial and Thrift Banks

The account codes of the new accounts are as follows:

Due from PCHC Couriers 1-1-07-00

Sub-Control Accounts

Due from PCHC Couriers- Bangko  Sentral Ng Pilipinas 1-1-07-02

Due from PCHC Couriers-National Government 1-1-07-04

Due from PCHC Couriers-Others  1-1-07-06

c.    Consolidated Statement of Condition (Pertinent Page Only)

Commercial Banks (Annex A)

Thrift Banks (Annex B)

For compliance.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor