MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has imposed a limit of ₱500,000 per banking day on cash withdrawals to help curb money laundering and other risks linked to excessive cash use.
Under Circular No. 1218, series of 2025, issued on September 18, transactions above ₱500,000 or its foreign currency equivalent must be coursed through traceable channels such as checks, online transfers, direct deposits, or digital payments.
The same restriction applies to large cash transactions in equivalent foreign currencies.
The cap may be reached either in a single withdrawal or through multiple smaller transactions within one day.
For withdrawals beyond this threshold, Supervised Financial Institutions (BSFIs) are required to conduct enhanced due diligence (EDD) and, when necessary, file a suspicious transaction report (STR).
After EDD, banks may still release the amount if the customer provides supporting documents or proof of a legitimate business purpose.
The BSP also authorized BSFIs to impose even stricter withdrawal limits depending on their risk assessment and the financial profile of their clients.
According to the BSP, the reform is meant to strengthen safeguards against illegal cash use, promote trust in the financial system, and ensure the sector remains resilient to emerging risks.
— The Summit Express