According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme.
"Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added.
As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50% of it.
BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.
Meanwhile, the BSP is reminding all old notes holder that the old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be registered online.
They are absolutely false!
These hearsay has been falsified by BSP Regional Director Leonides Sumbi.
Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017.
Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it like the cases mentioned in the GMA 7 report.