BSP doubles cash withdrawal threshold to P1 million

MANILA, Philippines — The Bangko Sentral ng Pilipinas has raised the threshold for cash withdrawals that trigger Enhanced Due Diligence, moving the limit from P500,000 to P1 million.

In a statement on Tuesday, March 3, the BSP said that the new regulation aims to focus anti-money laundering efforts on high-risk activities while easing the burden on legitimate, recurring business transactions.

“The increase follows consultations with banks and industries, which showed a large number of legitimate cash transactions above the original threshold,” the BSP said. 

“The increase also follows the results of the latest anti-money laundering National Risk Assessment and surveillance monitoring, recognizing that robust risk-based safeguards over cash transactions remain essential to protecting financial system integrity,” it added.

The regulation covers “payouts, such as payroll, loans, and project-based disbursements,” according to the central bank.

The previous P500,000 limit was implemented in September 2025 under Circular No. 1218 to combat money laundering and illicit financial activities. This new circular effectively amends those rules. 

The BSP also reminded the public that there are currently no thresholds in place for non-cash withdrawals, such as digital transfers or check payments.