New maximum daily limit set for branch withdrawals

In an effort to offer greater flexibility for large-value transactions, the Bangko Sentral ng Pilipinas (BSP) has recalibrated the daily withdrawal limit for bank branches.

In accordance with Circular No. 1230, the maximum limit for cash withdrawals—whether made in a single transaction or through multiple visits—has been increased to PHP 1,000,000 (or its foreign currency equivalent) per banking day, effective March 21, 2026.

*Banks may lower the withdrawable amount per day based on its risk measures and assessment of the client.

• Large value cash transactions or withdrawals above PHP 1,000,000 or its equivalent in foreign currency must be processed only through traceable channels, such as check payments, fund transfers, or digital platforms.
• Depositors withdrawing more than PHP 1,000,000 over-the-counter, will be requested to present identification documents or proof of a legitimate business purpose.
• Financial institutions may also request for additional supporting documents, should it deem relevant, to further review the bank account and the transaction.

Click the button below to read the full BSP Circular.