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Manila Bulletin devider Business devider Banking & Finance devider BSP now limits cash withdrawals to ₱500,000

BSP now limits cash withdrawals to ₱500,000

Published Sep 19, 2025 05:25 am
The Bangko Sentral ng Pilipinas (BSP) is placing a new constraint on large-value cash transactions, mandating that bank and non-bank financial institutions limit cash withdrawals and other payouts to a maximum of ₱500,000, or its foreign currency equivalent.
According to BSP, the move, which is a direct response to rising concerns over money laundering and terrorism financing, is set to push the Philippine financial system further into a digital-first environment.
The new regulation, outlined in BSP Circular No. 1218 and approved by the Monetary Board on Sept. 18, 2025, requires BSP-supervised financial institutions (BSFIs) to shift transactions exceeding the ₱500,000 threshold to non-cash alternatives.
BSP said This includes payments made via check, fund transfer, or direct credit to deposit accounts. The cap applies to both single transactions and a series of transactions conducted within a single banking day, closing a potential loophole for those seeking to bypass the new rules.
While the circular sets a clear limit, it also provides a conditional path for cash payouts above the cap.
The central bank said a BSFI may still approve such a transaction, but only after conducting enhanced due diligence (EDD). This requires the customer to provide additional identification and a verifiable, legitimate business purpose for the transaction.
If a BSFI is unable to complete the EDD process or suspects that doing so could “tip-off” a customer involved in illicit activity, it is required to file a suspicious transaction report (STR) with the Anti-Money Laundering Council (AMLC). 

BSP said the new rules underscore the central bank’s focus on cash transactions, which its latest risk assessment identified as a significant vulnerability for moving illicit funds in and out of the financial system.

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Bangko Sentral ng Pilipinas (BSP)
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