18/03/2026
Bangko Sentral ng Pilipinas, through Circular No. 1230 series of 2026, updated the threshold for large value transactions.
Effective March 21, 2026, large value transactions exceeding ₱1,000,000 (or its equivalent in foreign currency) shall be transacted through traceable channels such as checks, online fund transfers, direct credit to deposit accounts, or digital payments.
Customers who need to withdraw more than ₱1,000,000 in cash will be asked to provide the following:
- valid ID
- valid reason for the withdrawal
- additional information/supporting document (e.g. payment of hospital bills or business supplier)
You can read more about this BSP circular here: https://bit.ly/BSPCirc1230