ID and Cash Limits for Buying Silver in the Philippines
Jewellers and dealers in precious metals and stones, including silver of at least 500/1,000 fineness, are covered by the Anti-Money Laundering Act for transactions over ₱1 million. For those deals they must check your identity and file a covered transaction report with the Anti-Money Laundering Council within five working days. There is no legal cap on paying cash.
Facts checked 31 October 2026 · Not financial, legal or tax advice
At a glance
| Situation | Rule | Notes |
|---|---|---|
| Buying | KYC (ID check) for deals over ₱1 million. | Dealers keep records for five years. |
| Paying cash | No legal cap. | The ₱1 million threshold applies to cash or equivalent monetary instruments. |
| Selling | Same ₱1 million rule for dealers buying from you. | Pawnshops are covered persons too, under the general ₱500,000 threshold. |
| Reported | Covered transaction report within 5 working days. | Suspicious transactions are reported at any amount, by the next working day. |
The rules in detail
- Under the Anti-Money Laundering Act (RA 9160, as amended) and the AMLC's 2018 rules for non-financial businesses, jewellery dealers and dealers in precious metals and stones are covered persons. For them, a covered transaction is one exceeding ₱1,000,000 or its equivalent in another currency.
- Precious metals count at a purity of at least 500 parts per 1,000, so sterling silver (925) and fine silver bars and coins are covered. Jewellery counts when precious metals or stones make up at least 50% of its value.
- For banks and most financial institutions, including pawnshops, the general threshold is cash over ₱500,000 in one banking day.
- Covered persons must verify your identity, keep records for five years and file covered transaction reports within five working days.
- The AMLC's GoTRACS guidelines (December 2024, partly enforced from 1 May 2025) keep the ₱1 million threshold for dealers. They require suspicious transaction reports by the next working day, and phase in uploads of KYC documents over one to three years.
- Splitting payments to stay under a threshold can itself trigger a suspicious transaction report.
When you sell
- A dealer buying your silver for over ₱1 million must identify you and report the deal.
- Pawnshops are BSP-supervised covered persons and must also identify customers.
Gold and jewellery
- Gold follows the same ₱1 million rule.
- Silver jewellery counts only when precious metals or stones make up at least 50% of its value.
Silver ID and Cash Limits in The Philippines: FAQ
Do I need ID to buy silver in the Philippines?
For deals over ₱1 million, yes: the dealer must check your ID and file a covered transaction report within five working days. Suspicious transactions are reported at any amount.
Is there a cash limit for buying silver in the Philippines?
No. You can pay cash, but a deal over ₱1 million with a dealer is a covered transaction that gets reported.
Does sterling silver count as a precious metal?
Yes. The AMLC rules count precious metals of at least 500 parts per 1,000, and sterling silver is 925.
Is splitting a purchase to stay under ₱1 million allowed?
Splitting payments to avoid the threshold can itself be treated as suspicious and reported to the AMLC.
Sources (4)
General information for individuals buying or selling silver, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.