BSP raises cash withdrawal threshold to P1 millionUnder Circular 1230, the Monetary Board approved the recalibration of regulations on large value cash transactions, increasing the threshold to P1 million from P500,000 or its equivalent in foreign currency. MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has raised the threshold for cash withdrawals that will trigger enhanced due diligence (EDD) to P1 million, easing compliance requirements for regular large transactions while keeping safeguards against illicit flows in place. Under Circular 1230, the Monetary Board approved the recalibration of regulations on large value cash transactions, increasing the threshold to P1 million from P500,000 or its equivalent in foreign currency. The BSP said the adjustment was based on risk monitoring and consultations with banks and industry groups, which flagged a large number of legitimate cash transactions breaching the previous threshold. Institutions must also consider alerts, red flags, suspicious indicators as well as typologies reported by relevant government agencies involving large or unusual cash transactions in filing STRs.

Source: Philippine Star March 03, 2026 16:40 UTC