The Bangko Sentral ng Pilipinas (BSP) has set a new limit on cash withdrawals and other large cash transactions. Starting with this policy, only up to ₱500,000 can be withdrawn per banking day without additional documents.
Circular 1218 signed by Governor Eli Remolona Jr. states that all banks and other BSP-supervised financial institutions (BSFIs) must implement stricter safeguards against money laundering, terrorism financing, and the use of illegal funds.
If the cash withdrawal or payout exceeds ₱500,000, it must go through traceable channels such as check payments, fund transfers, direct credit to account, or digital platforms. For cash transactions exceeding this amount, enhanced due diligence (EDD) such as additional valid ID or proof of legitimate business is required.
The BSP also directed banks to closely monitor accounts, file suspicious transaction reports, and review the business relationships of clients who do not comply with the EDD or have suspicious activities.
According to the BSP, this is part of their move after a risk assessment showed a high risk of illegal cash flows in large transactions. The new policy will be effective 15 days after its publication in the Official Gazette or in a newspaper.
