Good news for businesses and big spenders!
The Bangko Sentral ng Pilipinas (BSP) has doubled the cash withdrawal threshold that triggers extra compliance checks from ₱500,000 to ₱1 million. That means routine transactions like payroll releases, loan disbursements, or project payouts can now move faster without getting bogged down by paperwork.
Under Circular 1230, approved by the Monetary Board, the new limit applies to single or combined withdrawals in a day.
Banks will now perform enhanced checks at the customer level, not on every transaction. In simple terms, if you’re a regular client making multiple large withdrawals, the bank won’t hassle you for each one.
The BSP said the change came after consulting banks, which reported that many legitimate transactions were hitting the old ₱500,000 cap. By raising the threshold, regulators can focus on high-risk activity while letting everyday large transactions flow smoothly.
If suspicious activity appears, banks are required to report and monitor the account, keeping your money safe.
The new rule kicks in 15 days after it’s published in the official gazette or a widely circulated newspaper.
