BSP Raises Cash Withdrawal Limit to PHP 1 Million from Previous PHP 500,000

The Bangko Sentral ng Pilipinas (BSP) has officially increased the cash withdrawal limit in the Philippines, which prompts enhanced due diligence (EDD).

Under Circular No. 1230, issued on 27 February 2026, the threshold has doubled from the previous PHP 500,000 to PHP 1 million.

This adjustment aims to scrutinise high-risk activities whilst easing the process for everyday, legitimate transactions.

The revision follows discussions with various industries and banks, which highlighted a high volume of standard business payouts exceeding the previous limit.

It also aligns with findings from the latest anti-money laundering National Risk Assessment.

The BSP noted that “robust risk-based safeguards over cash transactions remain essential to protecting financial system integrity”.

Bank customers can now withdraw up to PHP 1 million in physical cash without facing EDD. Any amount above this requires documentation to verify its legitimacy.

However, supervised financial institutions retain the authority to implement stricter, lower limits depending on their internal risk evaluations.

For clients frequently processing substantial amounts, banks will conduct EDD per customer rather than per individual transaction to prevent operational delays.

These new rules officially amend BSP Circular No. 1218, which was issued in September 2025. The central bank initially implemented that PHP 500,000 cap to combat money laundering and illicit activities.

Non-cash withdrawals remain entirely exempt from these threshold limits.

Featured image by mayura_ben via Freepik.

The post BSP Raises Cash Withdrawal Limit to PHP 1 Million from Previous PHP 500,000 appeared first on Fintech News Philippines.