THE Bangko Sentral ng Pilipinas (BSP) has raised the cash withdrawal threshold triggering enhanced due diligence (EDD) to P1 million from P500,000.
In a statement Tuesday, March 3, 2026, the BSP said Circular 1230, issued Feb. 27, increases the limit to focus on higher-risk activity while streamlining legitimate and recurring transactions.
“The increase follows consultations with banks and industries, which showed a large number of legitimate cash transactions above the original threshold. These covered payouts, such as payroll, loans, and project-based disbursements,” it said.
“The increase also follows the results of the latest anti-money laundering National Risk Assessment and surveillance monitoring, recognizing that robust risk-based safeguards over cash transactions remain essential to protecting financial system integrity.”
Under the circular, depositors may withdraw up to P1 million without EDD.
Transactions above that require proof of legitimacy.
However, BSP-supervised financial institutions may impose lower thresholds based on their risk assessments. For clients with regular large transactions, the EDD will apply per customer, not per transaction.
The circular amends BSP Circular 1218 issued in September 2025. The earlier PHP500,000 threshold aimed to curb money laundering and prevent illicit financial activity.
There is no threshold for non-cash withdrawals. / PNA