Transfer of the inter-regional clearing operations from PCHC Main Processing Center at BSP Manila to PCHC Secondary Processing Site in Makati

Bangko Sentral ng I binas

CIRCULAR LETTER Series of 2004

TO : All Rural, Cooperative and Microfinance-Oriented Banks

by the Philippine Clearing House Corporation (PCHC) the inter-regional clearing operations currently conducted at the PCHC Main Processing Center at BSP, Manila will Pursuant to Memo Circular No. 1593 dated 4 March 2004, (copy attached) issued

be transferred to the PCHC Secondary Processing Site in Makati effective March 22, 2004.

banks included in the regional clearing centers and currently received by the BSP Cash Department at Manila from Supervisiori and Examination Department IV or through the The transfer will directly affect the clearing of out-of-town checks drawn against

deposit account as legal reserves and (i) for payment of supervisory fees, penalties and other accounts. mails for (i) deposit to the rural, cooperative and microfinance-oriented banks' demand

directed to (i) deposit thcir legal rescrve requircments directly to the ncarest Bsr Regional Office and/or (ii) issue a written authority to SED IV to charge/debit their demand deposit with BSP for payments of supervisory fees, penalties and other accounts. In view thereof, all rural, cooperative and microfinance-oriented banks are hereby

For strict compliance.

ALBERTO REYES

Deputy Governor

19 March 2004

MAG-IMPOK SA BANGKO

MAYNILA, PILIPINAS 1004 . Tel No. 524-70-11 trunkline : URL: www.bsp.gov.ph - e-mail: [email protected]