To promote secure and transparent banking, the Bangko Sentral ng Pilipinas (BSP) has issued Circular No. 1218, requiring financial institutions to implement a daily cash withdrawal limit of PHP 500,000 or its equivalent in foreign currency, effective October 7, 2025.
Here’s what you need to know:
Single or multiple withdrawals for depositors are now capped at PHP 500,000* per banking day.
*Banks may lower the withdrawable amount per day based on its risk measures and assessment of the client.
Large value cash transactions or withdrawals above PHP 500,000 or its equivalent in foreign currency must be processed only through traceable channels, such as check payments, fund transfers, or digital platforms.
Depositors who will withdraw more than PHP 500,000, will be requested to present identification documents or proof of a legitimate business purpose.
Financial institutions may also request for additional supporting documents, should it deem relevant, to further review the bank account and the transaction.
Read the full BSP Circular here.