Philippine Central Bank orders e-wallets to remove links to online gambling platforms
The BSP has given companies 48 hours to comply with the new directive.
The Philippines.- The Bangko Sentral ng Pilipinas (BSP) has ordered e-wallets, payment apps and other supervised financial institutions to remove links to online gambling platforms. They have been given until August 16 to comply with the directive.
At today’s Senate committee on games and amusement hearing, BSP deputy governor Mamerto Tangonan said the order was issued following a decision by the Monetary Board. Tangonan said a 48-hour window was provided to give consumers time to withdraw any funds they may have in online gaming accounts. He said users could still potentially use their e-wallets to pay for gambling if they access the sites directly.
Earlier this month, the BSP said it was finalising new rules that would require banks, e-wallets, and other financial service providers to adopt stronger safeguards against gambling-related harm. Developed following public consultation, the measures would include identity verification via biometric checks like facial recognition to ensure only those eligible can use their funds for online gambling, it said.
The BSP also intends to 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.
The Senate has begun deliberations on several bills aimed at more strictly regulating or outright banning 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.
