The Central Bank of the Philippines (BSP) has increased the cash withdrawal amount that triggers enhanced due diligence (EDD) to PHP 1 million from PHP 500,000, aiming to focus controls on higher-risk activity while reducing friction for legitimate and routine cash transactions, including repetitive transactions. Under BSP Circular No. 1230, customers may withdraw up to PHP 1 million without EDD, while withdrawals above that level require additional information to substantiate the legitimacy of the transaction. For individuals and businesses with regular large transactions, EDD will be performed at the customer level rather than for each transaction. BSP-supervised financial institutions may apply a lower threshold based on their risk assessment, and the circular notes that there is no threshold for non-cash withdrawals. The measure amends BSP Circular No. 1218, and follows consultations indicating that many legitimate transactions such as payroll, loan proceeds and project disbursements exceeded the previous trigger.
Central Bank of the Philippines 2026-03-03
Central Bank of the Philippines raises cash withdrawal enhanced due diligence threshold to PHP 1 million
The Central Bank of the Philippines raised the cash withdrawal threshold for enhanced due diligence (EDD) to PHP 1 million from PHP 500,000 to streamline legitimate transactions and focus on higher-risk activities. Under BSP Circular No. 1230, withdrawals above PHP 1 million require additional verification, with EDD at the customer level for regular large transactions. Financial institutions may set lower thresholds based on risk assessments, and the circular specifies no threshold for non-cash withdrawals.