BSP limits cash withdrawals to P500,000 per day

The Bangko Sentral ng Pilipinas has limited cash withdrawals at P500,000 per banking day.

“Large value payouts (e.g., withdrawals) of more than P500,000… shall only be made, facilitated, or transacted through check payment, fund transfer, direct credit to deposit accounts, and/or other form using the digital payment platform of the [BSP-supervised financial institution],” BSP Circular No. 1218, series of 2025, signed by Governor Eli Remolona Jr. states, per a The Philippine STAR report.

Cash transactions beyond P500,000 will only be allowed if the client undergoes enhanced due diligence, which the Anti-Money Laundering Act defines as an "enhanced level of scrutiny intended to provide a more comprehensive understanding of the risks associated with the client, as well as confirmation of factual information provided by the client, to mitigate risks presented."

They must present documents that support the sources of wealth and funds, the nature of occupation or business, and the reason for the intended or performed transaction.

There will also be additional validation procedures like the verification of the volume of assets, information available through public databases, declared address, as well as face-to-face contact with the customer and their agents.

The client will also undergo enhanced ongoing monitoring and constant updating of identification information.

The BSP urged its directed banks and its other supervised financial institutions to adopt stricter safeguards against money laundering, counterterrorism financing, and proliferation financing.

It instructed them to closely monitor accounts, file reports on suspicious transactions, and reassess business relationships if customers do not meet EDD requirements or if they give off red flags.

The circular takes effect 15 calendar days after being published in the Official Gazette or in a newspaper of general circulation.