The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has ordered providers of electronic wallets (e-wallets) and other digital payment systems to remove links that give access to online gambling platforms in the country.
The institution said in a Thursday statement it had “issued a directive to all BSP-Supervised Institutions (BSIs) to remove links providing in-app gambling access from their payment apps and websites within 48 hours”.
“Covered by this memo are e-wallets, banks (through their payment apps and websites), and other BSIs,” it added.
According to the announcement, suspended in-app gambling access “includes any product/service/feature that redirects an account holder to a gaming/gambling site”.
The central bank said its directive was “issued in light of the surge in online gambling transactions and its impact on the financial health of consumers and their families, and considering the broader social cost”.
“The suspension will remain in place until the BSP finalises the policy on online gambling payment services,” it stated.
The central bank stated earlier this month it was finalising new rules, following a public consultation period, “that will require banks, e-wallets, and other financial service providers to adopt stronger safeguards against gambling-related harm”.
The institution said the upcoming measures would include: strict identity verification; daily limits on gambling-related transfers; time-based restrictions on gambling payments; and user tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.
The central bank’s directive was published on Thursday, the same day that the Philippine Senate started discussing a number of individually-sponsored bills either to ban or curb licensed domestic online gambling. Three bills seek an outright ban, while two measures propose stricter regulations.
Various government officials attended the hearing of the joint committees on games, banks, youth, economic affairs, and ways and means, according to local media. They included Alejandro Tengco, the chairman and chief executive of the nation’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
Senator Erwin Tulfo, who presided over the hearing as chairman of the Senate Committee on Games and Amusement, said on Thursday: “Right now, we face two policy paths: a complete ban on all forms of online gambling or stricter and more effective regulation.”
“But let this committee send a strong message: the Philippines will not be a playground for gambling syndicates, whether foreign or local, legal or illegal. Our youth are not for sale. Our families are not collateral damage,” he added, as cited by the Philippine Inquirer newspaper.
A number of online gambling operators in the Philippines recently agreed to set up the “PlaySafe Alliance of the Philippines” with the aim of ensuring high standards in the industry.
Pagcor and industry providers have said they are focused on responsible gambling measures – including vetting of advertising – and on mitigating harm to consumers.
