Senate President Pro Tempore Panfilo “Ping” M. Lacson lauded the Bangko Sentral ng Pilipinas over the weekend for tightening the rules on large cash transactions by capping withdrawals at P500,000 per banking day.
Lacson, who chairs the Senate Blue Ribbon Committee investigating the corruption behind anomalous flood control projects, said this will make things more inconvenient for both the givers and takers of bribes.
“Salute to BSP Governor (Eli Jr.) Remolona for issuing this circular. This will make it cumbersome to deliver large volumes of cash in SOP’s, commissions and payoffs from one corrupt government contractor or influence peddler to another corrupt government official,” he said on his X account Friday afternoon.
In Filipino: Lacson: ₱500K Cash Withdrawal Cap ng BSP, Dagok sa Suhol at Money Laundering
On Friday, the BSP announced that it issued new regulations on large value cash transactions “to reduce money laundering and other risks linked to the use of cash.”
Under Circular No. 1218 series of 2025 issued September 18, large value transactions above ₱500,000.00 or its equivalent in foreign currency must be conducted through traceable channels such as checks, online fund transfers, direct credit to deposit accounts, or digital payments.
It said the same limit applies to cash transactions in equivalent foreign currencies, and that the limit may be reached in a single transaction or series of transactions within one banking day.
Under the circular, BSP-supervised financial institutions must conduct enhanced due diligence, and even file a suspicious transaction report, in case of withdrawals beyond the limit. They may allow the larger payout if the customer provides additional documents or proof of a legitimate business purpose.
Lacson pointed out that during his investigation into the flood control projects, he encountered huge bribes to corrupt officials, including one-time cash deliveries amounting to as high as P457 million.
“Magiging cumbersome na yan sa maglalagay. Araw-araw maghuhulog siya ng P500,000. Kung P30 milyon ang lagay, ilang araw yan, masusundan siya ng Anti-Money Laundering Council at ng bank official (This will make things cumbersome for bribe givers and takers. Imagine the giver of a P30-million bribe having to deposit P500,000 every day. That would make it easier for the Anti-Money Laundering Council and bank officials to keep track of them),” he said in an interview on One News.
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Lacson: ₱500K Cash Withdrawal Cap ng BSP, Dagok sa Suhol at Money Laundering
Ikinalugod ni Senate President Pro Tempore Panfilo “Ping” M. Lacson ang Bangko Sentral ng Pilipinas (BSP) sa pagpapahigpit ng mga panuntunan sa malalaking cash withdrawal sa pamamagitan ng pagtatakda ng withdrawal limit na ₱500,000 kada banking day.
Ani Lacson, na namumuno sa Senate Blue Ribbon Committee na nag-iimbestiga sa korapsyon sa mga maanomalyang flood control projects, magiging abala ito para sa mga nagbibigay at tumatanggap ng suhol.
“Salute to BSP Governor (Eli) Remolona for issuing this circular. This will make it cumbersome to deliver large volumes of cash in SOP’s, commissions and payoffs from one corrupt government contractor or influence peddler to another corrupt government official,” ayon kay Lacson sa kanyang X account nitong Biyernes ng hapon.
Nitong Biyernes, inanunsyo ng BSP ang bagong regulasyon sa malalaking cash transaction para pigilan ang money laundering.
Batay sa Circular No. 1218 series of 2025 na inilabas noong Setyembre 18, lahat ng cash transaction na lalampas sa ₱500,000 o katumbas nito sa foreign currency ay dapat dumaan sa traceable channels gaya ng checks, online fund transfers, direct credit sa deposit accounts, o digital payments.
Ipinahayag din ng BSP na sakop din ng ganitong limit ang foreign currency transactions, at maaaring maabot ito sa isang transaksyon o kombinasyon ng ilang transaksyon sa loob ng isang banking day.
Sa ilalim ng circular, ang lahat ng BSP-supervised financial institutions ay kailangang magsagawa ng enhanced due diligence, at maghain ng suspicious transaction report, kung lalampas sa limit ang withdrawal. Maaari lamang payagan ang mas malaking halaga kung magbibigay ang kliyente ng dagdag na dokumento o patunay ng lehitimong negosyo.
Ipinunto ni Lacson na sa kanyang imbestigasyon sa flood control projects, nakatagpo siya ng malalaking suhol sa mga tiwaling opisyal, kabilang ang isang beses na cash delivery na umabot sa ₱457 milyon.
“Magiging cumbersome na yan sa maglalagay. Araw-araw maghuhulog siya ng ₱500,000. Kung ₱30 milyon ang lagay, ilang araw yan, masusundan siya ng Anti-Money Laundering Council at ng bank official,” ani Lacson sa panayam sa One News.
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