The Bangko Sentral ng Pilipinas has clarified that bank customers remain free to withdraw amounts exceeding P500,000 — or the equivalent in foreign currency — quickly and without unnecessary hurdles.
Under BSP Circular No. 1218, Series of 2025, withdrawals made through traceable or non-cash channels such as checks, online transfers, or bank-to-bank transfers do not require any additional documents. For cash withdrawals above P500,000, customers only need to show proof of the transaction’s legitimate purpose, such as a deed of sale or hospital bill.
The BSP emphasized that reviewing these documents should be simple, fast, and aligned with banks’ existing customer due diligence and know-your-customer procedures, ensuring that clients can access their money without undue delay.
After issuing the circular on September 18, 2025, the central bank also released FAQs on October 30, 2025 to address questions from banks, industry groups, and government agencies. These guidelines aim to promote consistent understanding and support proper implementation across all BSP-supervised financial institutions.
The BSP has held several briefings with stakeholders and continues its outreach efforts to ensure smooth adoption of the policy.
The central bank reiterated that the circular is not meant to burden customers or hinder legitimate transactions. Instead, it seeks to bolster safeguards against the misuse of cash for illegal activities, uphold financial system integrity, and encourage the shift toward secure and traceable digital payment channels.
