The Bangko Sentral ng Pilipinas (BSP) has increased the cash withdrawal threshold that triggers enhanced due diligence (EDD) from ₱500,000 to ₱1 million, effective under BSP Circular No. 1230 issued on February 27, 2026.
The move aims to make banking smoother for legitimate cash transactions, such as payroll, loans, and project payments, while keeping safeguards against money laundering in place. Individuals and businesses with regular large transactions will now face EDD on a per-customer basis, not per transaction, ensuring routine withdrawals are not disrupted.
Depositors can now withdraw up to ₱1 million without additional scrutiny. Withdrawals exceeding this amount require proof that the transaction is legitimate, though banks may adopt lower thresholds based on their own risk assessments.
The BSP initially set the ₱500,000 threshold in September 2025 to curb illicit financial activity. The new circular updates BSP Circular No. 1218 and continues to have no thresholds for non-cash withdrawals.
