THE Bangko Sentral ng Pilipinas (BSP) on Tuesday, Nov. 25, 2025, assured the public that bank customers will continue to have easy access to withdrawals above P500,000 or its foreign currency equivalent, following concerns over the implementation of its new rules on large-value cash transactions.
Under BSP Circular No. 1218, issued on Sept. 18, withdrawals made through traceable or non-cash channels — such as checks, online transfers and bank-to-bank transfers — do not require additional documents. Customers who opt to withdraw more than P500,000 in cash must present proof of the transaction’s legitimate purpose, such as a deed of sale or hospital bill.
The BSP said the review of these documents should be “straightforward” and should not cause unnecessary delays, noting that banks already conduct similar checks as part of their customer due diligence and know-your-customer processes.
To clarify implementation, the central bank released an FAQ guide on Oct. 30, based on feedback from banks, industry groups and government agencies. The BSP has also held several briefings and said it will continue coordinating with affected sectors to ensure uniform compliance.
The central bank added that the measure is not intended to burden legitimate transactions but to strengthen safeguards against the use of large cash amounts for illicit activities, reinforce financial system integrity, and encourage the use of more efficient, traceable payment channels.
/ KOC