Advisory on the Migration of DBP Prepaid Account to EMV-Compliant Savings Account

In light of the continuous efforts of the Commission on Higher Education (CHED) to improve the delivery of its grants under the K to 12 Transition Program, all 2016-2017 approved scholars and grantees under the Scholarships for Graduate Studies – Local (SGS-L) and Sectoral Engagement (SE) Grants, respectively, are advised to migrate their existing DBP Prepaid Accounts to DBP-CHED Savings Accounts. This is consistent with the mandate of the Bangko Sentral ng Pilipinas (BSP) to migrate all cards (credit, debit, and prepaid) into Europay, MasterCard, Visa or EMV chip cards.

As an additional benefit, a DBP-CHED Savings Account does not have a monthly deposit limit unlike the current DBP Prepaid Account being used, the latter having a maximum card load value of Php 100,000.00.

With this, scholars must visit any DBP Branch to open a DBP-CHED Savings Account no later than 15 May 2018.

Part of the requirement to open a DBP-CHED Savings Account is a CHED Certification of Scholarship/Grant. To receive the certification, all active scholars and grantees are required to answer the online form at chedk12.com/dbpmigration not later than 20 April 2018. This is necessary to ensure a smooth transition to EMV-Compliant Savings Account and the maintenance of the DBP Prepaid Cards of scholars and grantees who are scheduled to finish their program/engagement before June 2018.

The steps to open a new DBP-CHED Savings Account are as follows:

1) Prepare requirements: Make sure to have the following requirements before proceeding to the DBP Branch where you intend to open your Savings Account:

a. Certification for active SGS-L scholar or SE grantee (answer the online form at chedk12.com/dbpmigration to receive the certification)
b. Two (2) valid government-issued IDs and signed photocopy of the IDs (click here to see the list of acceptable IDs)
c. Two (2) 1×1 ID pictures
d. Notarized Waiver of Rights (click here for the template)
e. Old DBP Prepaid Card (to be presented but not surrendered)
f. Notarized Affidavit of Loss (in case of lost old DBP Prepaid Card)

2) Open account: Proceed to any DBP Branch and complete the application forms required to open a DBP-CHED Savings Account. A minimal fee of Php100.00 will also be required to open the account.

3) Submit to CHED: Take a photo of the deposit slip indicating your DBP-CHED SAVINGS ACCOUNT number, and upload at chedk12.com/dbpdepositslip as soon as available to facilitate the crediting of your allowance to your new DBP-CHED Savings Account.

Note that all SGS-L scholars and SE grantees must appear in person at the DBP Branch to open the new DBP-CHED Savings Account.

Please be informed that all existing DBP Prepaid Card Accounts will be deactivated by 30 June 2018 and no future transactions will be coursed through the old accounts.

The ATM card shall be available to scholars ten (10) banking days from the account opening date. A minimum of Php 1.00 maintaining balance is required to continually access your account and will be automatically closed if it falls below the required maintaining balance for three (3) consecutive months.

For any questions or clarifications, please get in touch with your respective CHED Regional Offices or the CHED K to 12 Transition Program Management Unit through (02) 441-0927.

Thank you very much!
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