By the staff
Bank customers may withdraw more than ₱500,000 in cash without delay as long as they present documents showing the purpose of the transaction, the Bangko Sentral ng Pilipinas said.
“Withdrawals using traceable means or non-cash channels (e.g., checks, online transfer, and bank transfer) do not require additional documentary requirements,” the BSP said in a statement, citing Circular No. 1218 issued on Sept. 18. “In case the customer needs to withdraw more than P500,000.00 in cash, the customer only needs to present documents showing the legitimate purpose of the withdrawal.”
The central bank said reviewing such documents should be “straightforward and not unduly delay customers’ access to their funds,” noting that these checks are already part of banks’ existing know-your-customer procedures.
The BSP released a set of frequently asked questions to guide banks on implementing the new regulation and said briefings had been conducted with stakeholders.
“The circular is not intended to burden or financially exclude legitimate business or transactions entered into by customers or entities,” it said.
The measure, it added, aims to curb the use of cash for illegal activities, strengthen financial system integrity, and promote the use of traceable payment channels.
