The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) issued Circular No. 1218 (series of 2025) introducing new controls on large-value cash transactions, requiring transactions above PHP 500,000 (or the equivalent in foreign currency) to be conducted through traceable channels such as checks, online fund transfers, direct credit to deposit accounts, or digital payments. The PHP 500,000 threshold applies to a single transaction or a series of transactions within one banking day and also covers cash transactions in equivalent foreign currencies. For cash withdrawals beyond the limit, BSP-Supervised Financial Institutions (BSFIs) must apply enhanced due diligence and, where warranted, file a suspicious transaction report; after due diligence, a larger payout may still proceed if the customer provides additional documentation or proof of a legitimate business purpose. BSFIs may also set lower internal limits based on their risk assessment and the customer’s financial profile.
Central Bank of the Philippines 2025-09-19
Central Bank of the Philippines tightens large-value cash transaction rules with PHP 500,000 threshold and enhanced due diligence
The Central Bank of the Philippines (BSP) issued Circular No. 1218, mandating cash transactions over PHP 500,000 or equivalent in foreign currency be conducted through traceable channels. Transactions above this threshold require enhanced due diligence and potentially a suspicious transaction report by BSP-Supervised Financial Institutions (BSFIs). BSFIs may impose lower internal limits based on risk assessments and customer profiles.