00:00The Banco Central ng Pilipinas, or BSP, has increased the threshold for cash withdrawals
00:05that require mandatory enhanced due diligence from 500,000 to 1,000,000 pesos,
00:11this effective under circular number 1230.
00:14The 100% increase is intended to ease the regulatory burden on legitimate high-volume business operations,
00:21such as payroll and loan releases.
00:23The central bank emphasizes that this move, which followed consultations with industry leaders,
00:28streamlines processes for depositors while maintaining robust anti-money laundering safeguards.
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