Cash withdrawal EDD threshold raised to ₱1 million

The Bangko Sentral ng Pilipinas (BSP) has raised the cash withdrawal threshold triggering enhanced due diligence (EDD) to ₱1 million from ₱500,000.

Under Circular 1230, issued February 27, depositors may withdraw up to ₱1 million without EDD. Transactions exceeding that amount require proof of legitimacy, the central bank said in a statement last week.

“The increase follows consultations with banks and industries, which showed a large number of legitimate cash transactions above the original threshold. These covered payouts, such as payroll, loans, and project-based disbursements,” the BSP said.

It added that the move also reflects the latest anti-money laundering National Risk Assessment and surveillance monitoring, underscoring the importance of robust risk-based safeguards to protect financial system integrity.

BSP-supervised financial institutions may set lower thresholds based on their own risk assessments. For clients with regular large transactions, EDD will be applied per customer, not per transaction.

The circular amends BSP Circular 1218 issued in September 2025, which originally set the ₱500,000 threshold to curb money laundering and illicit financial activity. Non-cash withdrawals remain unrestricted.