Philippines Requires Daily Cash Withdrawal Limit of 500,000 Pesos
Yamel 22 Sep 2025 02:45ENSalin Tautan & Judul
The Bangko Sentral ng Pilipinas (BSP) recently issued Circular No. 1218, announcing new cash transaction controls, capping daily bank cash withdrawals and similar payments at ₱500,000.
Transactions exceeding this limit will require customers to undergo enhanced due diligence (EDD), including submitting additional identification documents and demonstrating that the funds are for legitimate business purposes.
Signed by BSP Governor Elie Remolona, the regulation mandates strict implementation by all BSP-supervised financial institutions (BSFIs) to address illicit financial flows risks such as money laundering, terrorist financing, and proliferation financing.
Under the new regulations, transactions exceeding ₱500,000 (or its equivalent in foreign currency) cannot be made directly in cash but must be processed through traceable channels such as checks, bank transfers, direct deposits, or digital payment platforms.
The BSP emphasizes that financial institutions must strengthen monitoring of relevant accounts and, if they detect a client failing to meet EDD requirements or engaging in suspicious activity, must file a suspicious transaction report and reassess their business relationship with the client.
Transactions exceeding this limit will require customers to undergo enhanced due diligence (EDD), including submitting additional identification documents and demonstrating that the funds are for legitimate business purposes.
Signed by BSP Governor Elie Remolona, the regulation mandates strict implementation by all BSP-supervised financial institutions (BSFIs) to address illicit financial flows risks such as money laundering, terrorist financing, and proliferation financing.
Under the new regulations, transactions exceeding ₱500,000 (or its equivalent in foreign currency) cannot be made directly in cash but must be processed through traceable channels such as checks, bank transfers, direct deposits, or digital payment platforms.
The BSP emphasizes that financial institutions must strengthen monitoring of relevant accounts and, if they detect a client failing to meet EDD requirements or engaging in suspicious activity, must file a suspicious transaction report and reassess their business relationship with the client.
