BSP eases ruling on bearer checks

PHILIPPINES - Banks may now resume issuing pay-to-cash checks after the Bangko Sentral ng Pilipinas (BSP) reversed its earlier decision to ban so-called "bearer checks".

The decision was made in response to appeals from banks and various financial institutions which complained that the restriction unnecessarily inconvenienced their operations and clients.

Under circular no. 291, the policy-making Monetary Board last week allowed banks "to issue cashier's, manager's, or certified checks or other

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