Need to withdraw over P500,000 cash? Here's how to qualify

In a move to curb money laundering and other illegal financial activities, the Bangko Sentral ng Pilipinas (BSP) has issued new regulations that set a P500,000 cap on large-value cash transactions, including withdrawals and other payouts.

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The new central bank regulation applies to both single transactions and a series of transactions that occur within a single banking day. The new rule encourages the use of non-cash payment methods like checks and electronic fund transfers.

The BSP announcement, however, has triggered a wave of reactions from the public, particularly from businesses that rely on cash to pay employees and suppliers. Many are concerned about the immediate impact this will have on their daily operations and liquidity.