BSP: Withdrawal cap did not impact Q3 GDP

The Bangko Sentral ng Pilipinas (BSP) said that the imposition of the P500,000 cap per transaction withdrawal was too recent to have impacted the third quarter gross domestic product (GDP) figures.

- By MARCO LUIS BEECH

Citing the ongoing review of the guidelines, BSP Deputy Governor Zeno Ronald Abenoja told reporters that the central bank does not want to cause delays in bank operations, particularly in financial transactions.

“At the time, the rules had just been imposed and implemented before the third-quarter numbers were released. Those requirements probably aren’t reflected in the third-quarter GDP figures because they were introduced only very recently,” he said.

Last Sept. 18, the BSP imposed tighter rules on large-value cash transactions by placing the withdrawal cap of P500,000 per banking day unless supported by enhanced due diligence measures amid the flood control scandal.

The rule only took effect 15 days after its publication in the