BSP says customers can still withdraw over $8,750 without delays

Customers will need to show a legitimate purpose of withdrawal.

The Bangko Sentral ng Pilipinas (BSP) clarified that customers can still withdraw amounts above PHP500,000 (about $8,750) or its equivalent amount in foreign currency, “easily and without necessary delays.”

Withdrawals using traceable means or non-cash channels— including but not limited to checks, online transfer, and bank transfer— do not require additional documentary requirements, the BSP reminded the public.

For customers who need to withdraw cash of more than PHP500,000, they will need to present documents showing legitimate purpose of withdrawal, such as a deed of sale or a hospital bill, amongst others.

“The submission and review of said proof, nevertheless, should be straightforward and not unduly delay customers’ access to their funds as these are already part of the BSP-supervised financial institutions’ (BSFIs) existing customer due diligence or know-your-customer process,” the Philippine central bank said in a statement on 25 November 2025.

The central bank said that it has conducted several briefings with stakeholders, and that efforts are ongoing to “continuously cascade the policy to various relevant industries.”