The Bangko Sentral ng Pilipinas (BSP) reaffirmed that customers can access funds above ₱500,000 (or foreign currency equivalent) without unnecessary delays, following the implementation of BSP Circular No. 1218, s. 2025.
Under the circular, large-value withdrawals made through traceable or non-cash channels—such as checks, online transfers, and bank-to-bank transactions—require no additional documents.
For cash withdrawals exceeding ₱500,000, customers only need to present basic proof of legitimate purpose, such as a deed of sale or hospital bill. BSP emphasized that document checks should remain simple and swift, as they fall within banks’ existing customer due diligence processes.
The BSP also issued FAQs on large-value cash transactions on 30 October 2025 to ensure uniform interpretation and smooth implementation across banks and other supervised financial institutions. The FAQs were developed based on input from banks, industry groups, and government agencies.
Briefings and information drives are ongoing as the BSP works with stakeholders to cascade the new rules.
The central bank stressed that the policy is not meant to burden customers or restrict legitimate transactions, but to strengthen safeguards against illicit cash activities and promote the use of secure, traceable payment channels.
