The Bangko Sentral ng Pilipinas on Tuesday reiterated that bank customers should be able to withdraw more than ₱500,000, or its equivalent in foreign currency, without undue delay.
BSP Circular No. 1218, Series of 2025, clarifies that withdrawals through traceable or non-cash channels (e.g., checks, online transfer, bank transfer) do not need extra documentation. For cash withdrawals above ₱500,000, customers simply present documents indicating the legitimate withdrawal purpose, such as a deed of sale or hospital bill.
Review and submission of these documents should be handled efficiently without undue delay. These steps align with existing customer due diligence and Know Your Customer (KYC) processes in BSP-supervised financial institutions (BSFIs).
Following the issuance of the circular on 18 September 2025, the BSP released the Frequently Asked Questions (FAQs)[1] on large-value cash transactions on 30 October 2025 based on feedback from different stakeholders, including banks, industry associations, and government units. The FAQs will promote uniform understanding and guide BSFIs in the implementation of the new regulation.
BSP conducted several briefings with stakeholders. The BSP continues to roll out the policy to relevant industries.
The circular is not intended to burden or financially exclude legitimate business or transactions entered into by customers or entities. Through this reform, the BSP reinforces its current measures against the use of cash for illegal activities, strengthens financial system integrity, and promotes the use of traceable and efficient payment channels to safeguard the public and financial institutions. PR