The Central Bank of the Philippines has reiterated the requirements for customer withdrawals above PHP 500,000, or the equivalent amount in foreign currency, stressing that access to funds should be provided easily and without unnecessary delays and clarifying when supporting documents are required. Under BSP Circular No. 1218, Series of 2025, withdrawals above the threshold made through traceable, non-cash channels such as checks, online transfers, and bank transfers do not require additional documentary requirements. For cash withdrawals above PHP 500,000, customers only need to present documents showing the legitimate purpose of the withdrawal, and BSP-supervised financial institutions (BSFIs) are expected to keep review straightforward as part of existing customer due diligence or know-your-customer processes. FAQs issued on 30 October 2025, developed based on stakeholder feedback, are intended to support uniform implementation, alongside stakeholder briefings. The BSP indicated that policy outreach to relevant industries is ongoing and positioned the reform as reinforcing measures against the use of cash for illegal activities while promoting traceable payment channels without burdening or excluding legitimate customers and transactions.
Central Bank of the Philippines 2025-11-25
Central Bank of the Philippines clarifies PHP 500,000 large-value withdrawal rules and issues implementation FAQs
The Central Bank of the Philippines clarified requirements for withdrawals over PHP 500,000, emphasizing ease and minimal delays. Under BSP Circular No. 1218, non-cash withdrawals above this threshold need no extra documentation, while cash withdrawals require proof of legitimate purpose. The reform aims to combat illegal cash use and promote traceable payment channels, supported by FAQs and stakeholder briefings.