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Manila Bulletin devider Business devider Banking & Finance devider Need to withdraw over ₱500K cash? Here's how to qualify for exemption

Need to withdraw over ₱500K cash? Here's how to qualify for exemption

Published Sep 19, 2025 11:16 am  |  Updated Sep 19, 2025 01:50 pm
In a move to curb money laundering and other illegal financial activities, the Bangko Sentral ng Pilipinas (BSP) has issued new regulations that set a ₱500,000 cap on large-value cash transactions, including withdrawals and other payouts.
The new central bank regulation applies to both single transactions and a series of transactions that occur within a single banking day. The new rule encourages the use of non-cash payment methods like checks and electronic fund transfers.
The BSP announcement, however, has triggered a wave of reactions from the public, particularly from businesses that rely on cash to pay employees and suppliers. Many are concerned about the immediate impact this will have on their daily operations and liquidity.
While the new regulation promotes a shift to a cashless economy, it does provide a pathway for those who have a legitimate need for large cash transactions.
How to get exemption from the cash limit
Customers may be exempted from the ₱500,000 cash limit at the discretion of their bank or financial institution (BSFI). This exemption, however, is not a simple waiver; it requires the customer to undergo an enhanced due diligence (EDD) process.
To qualify for an exemption, customers must be prepared to provide additional identification information and proof of a legitimate business purpose for the transaction.
The EDD process may involve verification of a customer’s identity, a detailed examination of the source and legitimacy of the funds, closer scrutiny of the nature of the business relationship or the purpose of the transaction, and ongoing monitoring of the customer’s account.
This process ensures that while the BSP is cracking down on illicit activities, it is not unduly penalizing legitimate businesses and individuals.
What happens if due diligence fails?
If a BSFI is unable to complete the EDD procedures to its satisfaction, or if it believes that continuing the process could “tip-off” the customer about a potential investigation, it is required to file a suspicious transaction report (STR).
The institution must also continue to closely monitor the customer’s account and review the entire business relationship. In filing the STR, the BSFI must consider any alerts, red flags, or suspicious indicators noted by relevant government agencies. (Ricardo M. Austria)

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Bangko Sentral ng Pilipinas
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