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Illegal gambling boom could put PHL at risk of returning to ‘gray list’
The Bangko Sentral ng Pilipinas (BSP) has ordered all e-wallet providers, banks, and supervised institutions to remove embedded gambling links from their platforms to curb risks related to e-gambling.
BSP Governor Eli Remolona Jr. stated that the central bank is studying further regulations to tighten safeguards on e-gambling, emphasizing the potential risk to the Philippines' standing on the Financial Action Task Force (FATF) gray list.
While the BSP's directive aims to address concerns over money laundering and illicit financial activities, Governor Remolona expressed confidence that the issue of illegal gambling sites will be resolved by the Department of Information and Communications Technology.
The Philippines was removed from the FATF gray list in February 2025, after being on the list since June 2021.
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