The Bangko Sentral ng Pilipinas (BSP) just placed a hard cap on big cash withdrawals and payouts. Starting 15 days after the rule is officially published, you won’t be able to take out more than ₱500,000 in cash per banking day—unless you go through extra checks.
Why? Because BSP wants to clamp down on money laundering, terrorism financing, and shady fund movements. The timing is no coincidence, either—this comes as corruption scandals tied to massive cash transactions are under the spotlight.
Under Circular 1218, signed by Governor Eli Remolona Jr., here’s what changes:
- Withdrawals or payouts above ₱500,000 must be done via traceable, paper-trail-friendly methods:
- Checks
- Fund transfers
- Direct credit to deposit accounts
- Digital payment platforms
- If you insist on cash beyond the cap, the bank won’t just hand it over. You’ll need to go through Enhanced Due Diligence (EDD):
- Extra IDs
- Proof of legitimate business purpose
- Closer monitoring of your account
Banks are also instructed to file suspicious transaction reports and review client relationships if things don’t add up.
The BSP’s latest risk assessment highlighted that cash-heavy transactions remain the easiest way to move dirty money around. This move is meant to choke off that channel
