The Bangko Sentral ng Pilipinas (BSP) has issued a new regulation capping daily over-the-counter cash withdrawals at Php 500,000 per depositor, aiming to curb money laundering, terrorism financing, and proliferation financing risks in the Philippine banking system. Cash withdrawals above the cap are only permitted if the depositor submits proof of legitimate business necessity and the bank conducts enhanced due diligence (EDD). The BSP said the new framework supports its broader goal of promoting digital payments, financial inclusion, and innovation while ensuring adequate consumer protection and regulatory oversight. Read more in our articles including "BSP limits cash withdrawals to Php500,000 per depositor" and "Pasig Mega Market gets Starlink internet for cashless payments".
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Jun 11, 2026The Bangko Sentral ng Pilipinas (BSP) has issued a new regulation capping daily over-the-counter cash withdrawals at Php 500,000 per depositor, aiming to curb money laundering, terrorism financing, and proliferation financing risks in the Philippine banking system. Cash withdrawals above the cap are only permitted if the depositor submits proof of legitimate business necessity and the bank conducts enhanced due diligence (EDD).
The BSP said the new framework supports its broader goal of promoting digital payments, financial inclusion, and innovation while ensuring adequate consumer protection and regulatory oversight.
Our coverage of Depositor protection includes: "BSP limits cash withdrawals to Php500,000 per depositor"; "Pasig Mega Market gets Starlink internet for cashless payments"; "Banks, e-wallets face new BSP rules on digital payment fees". Each article provides unique insights and information.