(UPDATE) SENATE President Pro Tempore Panfilo Lacson said on Saturday that the Bangko Sentral ng Pilipinas’ (BSP) new cap on daily cash withdrawals will make it easier for the Anti-Money Laundering Council (AMLC) to track illicit funds, including multimillion-peso bribes.
Lacson, who chairs the Senate Blue Ribbon Committee investigating alleged corruption in government flood control projects, recalled that one cash delivery he encountered in past inquiries reached as high as P457 million.
”This will make things cumbersome for bribe givers. If someone wants to pay a P30-million bribe, he would have to deposit P500,000 every day. That makes it easier for the AMLC and bank officials to follow the trail,” he said in a television interview.
The BSP on Friday announced that it had issued Circular 1218, Series of 2025, which limits cash withdrawals and similar transactions to P500,000 per banking day, or its equivalent in foreign currency.
The measure requires large-value transactions above the cap to be made through traceable channels such as checks, online transfers, direct credits to accounts, or digital payments. The same restriction applies whether the limit is reached in a single withdrawal or through multiple transactions within the same day.
Banks and other BSP-supervised institutions are mandated to apply enhanced due diligence and, in certain cases, submit suspicious transaction reports if a client seeks to withdraw beyond the limit. Larger cash releases may still be allowed if supported by documentation proving legitimate business purposes.
Lacson welcomed the policy, calling it a significant step toward curbing corruption.
”Salute to BSP Governor Eli Remolona [Jr.] for issuing this circular. This will make it cumbersome to deliver large volumes of cash in SOPs, commissions and payoffs from one corrupt contractor or influence peddler to a corrupt official,” Lacson posted on X.
