MANILA — The Bangko Sentral ng Pilipinas (BSP) has clarified that customers can withdraw amounts exceeding P500,000—or the equivalent in foreign currency—without unnecessary delays.

Under BSP Circular No. 1218, Series of 2025, withdrawals through traceable, non-cash channels such as checks, online transfers, or bank transfers do not require additional documentary requirements. For cash withdrawals above P500,000, customers only need to present documents supporting the legitimate purpose of the transaction, such as a deed of sale or hospital bill.

The BSP emphasized that the submission and review of these documents should be straightforward and should not delay access to funds, as these requirements are already part of the know-your-customer (KYC) process in BSP-supervised financial institutions (BSFIs).

Following the circular’s issuance on 18 September 2025, the BSP released FAQs on large-value cash transactions on 30 October 2025 to ensure uniform understanding and proper implementation among banks, industry associations, and government agencies. Several briefings have been conducted, with efforts ongoing to cascade the policy to relevant sectors.

The BSP clarified that the circular is not meant to burden or exclude legitimate transactions, but rather to strengthen financial system integrity, deter the use of cash for illegal activities, and promote traceable, efficient payment channels to protect the public and financial institutions.