Large cash withdrawals for business? Here’s a new BSP rule you should know.

The Bangko Sentral ng Pilipinas issued Circular No. 1230, increasing the threshold for cash withdrawals that trigger enhanced due diligence to ₱1 million, up from the previous ₱500,000. The update aims to reduce unnecessary checks on routine business transactions while still monitoring high-risk financial activities.

• Cash withdrawals below ₱1 million will generally not trigger enhanced due diligence
• Businesses handling large payroll, loan releases, or project payments may face fewer processing delays
• Monitoring still applies for higher-risk financial activities
• Banks may still impose stricter internal limits depending on their risk assessment
• The threshold applies to cash withdrawals only, not digital transfers or check payments

For many businesses that regularly withdraw cash for operations or payroll, this change may reduce banking delays and compliance checks. It also helps banks focus their monitoring on transactions that pose higher financial risks.

At UNA Tax and Accounting Services, we assist businesses with financial compliance, transaction documentation, and regulatory requirements connected to tax reporting.

If you need help with your tax compliance requirements, book your FREE 15-minute consultation with us today!