What is Check Clearing?
Check clearing is the process of transferring funds from one bank to another. When a check from one bank is presented to another bank, it has to go through a Check Clearing process before the funds is transferred to the receipient bank.
Starting Januay, 2017, the BSP announced that the Clearing Process shall be shortened from 3 days to one day or just 24 hours. This is good news to entrepreneurs and business. They can now realize cash payments following day upon issuance of a check instead of waiting 3 days for their funds to be withdrawable. See Philippine Star news write up on July 14 2017 elaborating on the announcement of BSP on one-day Check Clearing from the link below.