In cases of insufficient funds, stopped payment or closed accounts you can always request for your check to be pulled out or replaced. You can directly coordinate with your Account Officer and send a written request to pullout his check(s) at a minimum of Seven (7) working days before the date of next check

    1. Check-pullout fee is five hundred Pesos (P500.00) per check
    2. No pullout fee is required given the following
      1. advance-principal or full payment, or if it is due to bank failure / closure
      2. refinancing from Inhouse to external financing, but the checks’ pullout shall be allowed only after loan takeout
      3. for external financing fees’ PDCs, provided that the buyer has already paid the outstanding fees’ amount

Once replacement checks have been submitted, the old checks will be made available for release after the following the number of days upon verification of the Treasury Department:

    1. Seven (7) banking days if the check is available at the Treasury Department
    2. Fifteen (15) banking days if check is in warehoused banks

The Principal Buyer or his/her authorized representative (with Authorization Letter and 2 valid Government issued IDs with claim stub provided during request of pulling out the check/s) is the only one allowed to request pull-out or replacement of check.

Note: Pull-out and replacement of checks may also pertain to a change of bank account, change of payment term, replacement of lumpsum/guaranty check, conversion to bank financing, and paying in full. Same number of days shall be applied in releasing the old checks under these circumstances.