Tighter rules eyed to curb fund misuse, protect banks

The Bangko Sentral ng Pilipinas (BSP) is planning to set new thresholds not just for large cash withdrawals but also for digital and other fund transfers, as part of efforts to prevent the misuse of public funds and strengthen banks' ability to detect suspicious transactions.

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BSP Governor Eli Remolona Jr. said the move aims to help banks guard against questionable withdrawals and transfers, especially those involving government disbursements to private contractors, without having to make difficult judgment calls on their own.

"We're looking very carefully into this. One will be a threshold on how much can be withdrawn. We have a threshold on how much cash can be withdrawn. But now, there will be a threshold on transfers in general — it could be cash, it could be digital," Remolona said in a press briefing yesterday.

The BSP’s ongoing review forms part of broader efforts to tighten financial integrity safeguards following past corruption controversies and to ensure banks can act decisively against suspicious activity without fear of liability.