The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has introduced a new limit on large-value cash withdrawals and transactions, capping them at PHP500,000 (approximately US$8,750) per banking day.
Under Circular No. 1219, any transaction exceeding this limit (or its foreign currency equivalent) must now be conducted using traceable electronic channels, such as cheques, online fund transfers, direct account credits, or digital payments.
Financial institutions supervised by the BSP are also mandated to perform enhanced due diligence and file a suspicious transaction report if necessary for any withdrawal exceeding the new ceiling. Furthermore, banks are permitted to set even lower cash limits based on their own risk assessment and the customer’s profile.
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