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BSP caps cash bank withdrawals at P500,000/day
The Philippine Star
|September 19, 2025
Amid the flood control corruption scandal, the Bangko Sentral ng Pilipinas (BSP) has imposed tighter rules on large-value cash transactions, capping withdrawals and similar payouts at P500,000 per banking day unless supported by enhanced due diligence measures.
In Circular 1218 signed by Governor Eli Remolona Jr., the BSP directed banks and other BSP-supervised financial institutions (BSFIs) to adopt stricter safeguards against money laundering, counterterrorism financing and proliferation financing amid increasing risks of illicit fund movements.
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