BSP assures public of access to large withdrawals

The Bangko Sentral ng Pilipinas (BSP) has reiterated that customers can access funds exceeding PHP 500,000 or its foreign currency equivalent without undue delay under new rules that aim to strengthen transparency while preserving financial inclusion.

In a Nov. 24, 2025 statement, the BSP said large-value withdrawals — particularly those made through traceable or non-cash channels such as checks, online banking, or bank-to-bank transfers — do not require additional documentation.

Under BSP Circular No. 1218, Series of 2025, only cash withdrawals over PHP 500,000 require customers to provide documents proving the legitimate purpose of the transaction.

The central bank said acceptable proof includes deeds of sale, hospital bills, or other documentation showing lawful activity.

It clarified that these documents are already part of financial institutions’ regular due diligence or know-your-customer procedures and should not cause processing delays.

“The submission and review of said proof… should be straightforward and not unduly delay customers’ access to their funds,” the BSP said, noting this requirement aligns with existing regulatory compliance.

Circular No. 1218 took effect on Sept. 18, 2025, followed by a Frequently Asked Questions document released on Oct. 30, 2025.

The BSP said the FAQs were developed with banks, industry groups, and government agencies to support consistent implementation.

The FAQs can be accessed on the BSP website under its Large Value Cash Transactions section.

Several briefings have since been conducted with key stakeholders to promote clear understanding and a smooth rollout.

The BSP added that cascading efforts continue to reach industries affected by the updated rules.

It emphasized that the regulation is not intended to “burden or financially exclude” customers or legitimate business activities.

Instead, the agency said the measure reinforces anti-money laundering initiatives and strengthens financial system integrity.

“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,” the agency stated.