MANILA, Nov. 25 -- Individuals may withdraw from banks more than PHP500,000, or its foreign currency equivalent, without any delay provided they present documents where the funds will go, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

"Withdrawals using traceable means or non-cash channels (e.g., checks, online transfer, and bank transfer) do not require additional documentary requirements. In case the customer needs to withdraw more than PHP500,000.00 in cash, the customer only needs to present documents showing the legitimate purpose of the withdrawal (e.g., deed of sale, hospital bill, etc.)," the BSP said in a press release Tuesday, citing Circular No. 1218, Series of 2025, issued on Sept. 18.

The BSP explained that "submission...