BSP doubles cash withdrawal due diligence trigger to $17,000

It covers payouts, such as payrolls, loans, and project disbursements.

The Bangko Sentral ng Pilipinas (BSP) has raised the threshold for cash withdrawals triggering enhanced due diligence (EDD) to $17,000 (PHP1m) from around $8,500 (PHP500,000) previously, according to a circular issued on 27 February 2026.

This covers payouts, such as payroll, loans, and project-based disbursements, the BSP said. There remains to be no thresholds on non-cash withdrawals.

The EDD will be done on a per-customer basis, not per transaction.

Depositors can withdraw up to PHP1m without EDD. Above that, they will have to provide information proving their transactions are legitimate.

The BSP imposed ​the PHP500,000 threshold in September 2025 to help curtail money laundering and ensure the financial system is not used to facilitate illicit activities, it said.

(US$1 = PHP58.58)