Philippine Central Bank working on new rules for online gambling payments
The BSP is finalising new measures for digital gambling transactions.
The Philippines.- The Bangko Sentral ng Pilipinas (BSP) has announced that it is finalising new rules that will require banks, e-wallets, and other financial service providers to adopt stronger safeguards against gambling-related harm. Developed following public consultation, the measures will include identity verification via biometric checks like facial recognition to ensure only those eligible can use their funds for online gambling.
The BSP will also propose daily limits on gambling-related transfers to reduce excessive financial losses, time-based restrictions on gambling payments to help curb impulsive behavior and tools for setting personal spending caps, voluntary breaks or self-excluding from gambling transactions.
According to the bank, the safeguards will aim to reduce the “risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services.”
The initiative comes as The Senate is expected to start committee hearings to explore calls to ban or more tightly regulate online gambling. Lawmakers remain divided over the issue and the Philippine government has stressed that it will not rush into a decision regarding a possible ban.
