Senate President Pro Tempore Panfilo “Ping” Lacson on Saturday lauded the Bangko Sentral ng Pilipinas (BSP) for its new regulation capping large cash withdrawals, calling it a significant move in the fight against corruption and money laundering.

Lacson, who currently chairs the Senate Blue Ribbon Committee investigating anomalies in government infrastructure projects, said the new policy will make it harder for corrupt individuals to move bribe money discreetly.

“Salute to BSP Governor Eli Remolona for issuing this circular. This will make it cumbersome to deliver large volumes of cash in SOPs, commissions, and payoffs from one corrupt government contractor or influence peddler to another corrupt government official,” Lacson said. 

On Friday, the BSP formally announced Circular No. 1218, Series of 2025, which mandates that all cash transactions exceeding P500,000 per banking day or its equivalent in foreign currency must be processed through traceable channels, such as checks, bank transfers, or digital payments.

According to the BSP, the move aims to curb money laundering and related illicit activities by reducing the use of untraceable cash transactions. The regulation took effect on September 18, 2025.

Under the circular, BSP-supervised financial institutions must conduct enhanced due diligence and may require customers to justify transactions that breach the daily limit. A Suspicious Transaction Report (STR) may also be filed. Exceptions can be made, but only if the customer provides documentation proving a legitimate business purpose.

Lacson emphasized that this new rule directly impacts how corrupt deals are executed.

“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),” the senator said. 

He also revealed that during Senate hearings on irregularities in flood control projects, his committee discovered instances of massive bribe money deliveries, with one case involving a staggering P457 million in cash.

Lacson said policies like this strengthen institutional mechanisms against systemic corruption. 

He added that the move serves as a concrete step towards transparency and accountability, especially in government transactions that have long been tainted by under-the-table deals.