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

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RATIONALE

The Development Bank of the Philippines (DBP) Migration was undertaken to comply with the mandate of the Bangko Sentral ng Pilipinas (BSP) to replace all cards (whether 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.

Also, the EMV chip card has an enhanced security feature that would protect its users from the various forms of card fraud specifically reducing the risk of cloning and skimming.

STATUS OF THE MIGRATION

  • Initially, as agreed with DBP, all grantees and scholars were targeted to have finished the migration by June 30, 2018. However, as of June 29, 2018, only 73.85% of all active scholars have submitted their respective DBP Migration Forms. While the deadline for the DBP Migration Form was last May 15, 2018, and subsequently extended to May 25, 2018, there are still new submissions everyday. Thus, the processing of the late submissions shall be continuous.
  • Because not all scholars have migrated to the new DBP-CHED Savings Account, upon the concurrence of DBP, the old DBP prepaid card can still be used beyond June 30. This is to ensure that there would be no delays on the release of allowances due to the migration as both accounts are still active and could still receive allowances. However, please be reminded to empty out all prepaid accounts as security can no longer be assured and the account holder will be the one liable for the remaining money in the prepaid accounts.
  • In order to ensure the validity and accuracy of the new DBP-CHED Savings Account numbers, we are currently in close coordination with the DBP while they are extracting these data from their system. Crediting of allowances to the new DBP-CHED Savings Account will be done once the data have been finalized.

For 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!

FAQs:

1. I still have not received my Certificate of Scholarship, therefore I cannot open a DBP-CHED Savings Account.

Ensure that all submissions made through chedk12.com/dbpmigration were complete and valid. Common remarks on submissions are as follows:

  • Encode the study plan through the portal or the excel file template.
  • Ensure that the study plan have the following elements:
    • The name of the scholar
    • The name, designation, and the signature of the Dean, Department Chairperson or the Program Adviser
    • The schedule of subjects to be taken per term
  • Ensure that the copy of the uploaded study plan is clear and legible.
  • Ensure that the original study plan and the latest modified study plan (if applicable) is uploaded.
  • Ensure that the UNID entered is correct and according to the specified format on the portal.

Specific remarks are sent to the e-mails provided, and are available with the CHED Regional Offices.

2. Why is my allowance still being credited to my old DBP prepaid account even if I have already opened a new DBP-CHED Savings account and have already sent my DBP Deposit Slip?

In order to ensure the validity and accuracy of the new DBP-CHED Savings Account numbers, we are currently in close coordination with the DBP while they are extracting these data from their system. Crediting of allowance to the new DBP-CHED Savings Account will be done once the data have been finalized. The DBP Deposit Slips uploaded serve as a means of validation, and a way to monitor the migration status of all scholars.

3. Can our allowances automatically be transferred or credited to the Savings Account?

Crediting of allowances to the new DBP-CHED Savings Account cannot be done automatically. In order to credit the allowances to the scholars’ accounts, it is a protocol for the Commission to issue authorizations to credit to scholars’ account numbers. Thus, authorization to credit to the new DBP-CHED Savings Account will be done once the new account numbers have been extracted and finalized.

4. When is the closing date of the old DBP prepaid cards?

The old DBP prepaid accounts can still be used beyond June 30. However, starting July 15, 2018, the Commission will no longer issue authorizations to credit to the old prepaid accounts. Thus, all scholars are expected to have their DBP-CHED Saving Account before the said date.

Please also be reminded to empty out all prepaid accounts as security can no longer be assured and the account holder will be the one liable for the remaining money in the prepaid accounts.