The Bangko Sentral ng Pilipinas (BSP) reiterates that customers can withdraw amounts above P500,000, or its equivalent amount in foreign currency, easily and without unnecessary delays.

Under BSP Circular No. 1218, Series of 2025, withdrawals using traceable means or non-cash channels (e.g., checks, online transfer, and bank transfer) do not require additional documentary requirements.

In case the customer needs to withdraw more than P500,000.00 in cash, the customer only needs to present documents showing the legitimate purpose of the withdrawal (e.g., deed of sale, hospital bill, etc.).

The submission and review of said proof, nevertheless, should be straightforward and not unduly delay customers’ access to their funds as these are already part of the BSP-supervised financial institutions’ (BSFIs) existing customer due diligence or know-your-customer process.

Following the issuance of the circular on September 18, the BSP released the Frequently Asked Questions (FAQs) on large-value cash transactions on October 30 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.

Several briefings with stakeholders have been conducted by the BSP. Efforts are ongoing to continuously cascade the policy to various 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. Bangko Sentral ng Pilipinas