The Bangko Sentral ng Pilipinas (BSP) has set new rules limiting cash transactions to strengthen safeguards against money laundering and related risks.
In its Circular No. 1218, series of 2025, the BSP said payments or transfers exceeding ₱500,000, or the equivalent amount in foreign currency, must go through traceable methods such as checks, online transfers, direct credits to accounts, or digital payment channels. The limit covers both single transactions and multiple transactions completed within one banking day.
Withdrawals that go beyond the cap will require enhanced due diligence from BSP-supervised financial institutions (BSFIs). If the review raises red flags, institutions must file a suspicious transaction report. Customers may still withdraw amounts over the limit once they provide additional proof of a valid business or personal purpose.
The BSP also authorized financial institutions to set lower ceilings for cash transactions, depending on their own risk assessments and the financial behavior of their clients.
The central bank said the regulation aims to protect the financial system from illegal use of cash while encouraging the use of more secure and traceable payment options.