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How the BSP plans to regulate online gambling payments
The Bangko Sentral ng Pilipinas (BSP) is proposing stricter regulations for online gambling payments, potentially including e-wallets, to promote responsible digital financial service use and mitigate associated risks.
A draft circular mandates that users must create an Online Gambling Transaction Account (OGTA) to engage with these services.
Eligibility for an OGTA includes being 21 years or older, not currently studying, and not holding positions as a government official, member of the Armed Forces of the Philippines, or Philippine National Police.
Individuals receiving conditional cash transfers (4Ps beneficiaries), those in PAGCOR's restricted persons database, and gaming license holders are also prohibited from opening an OGTA.
The BSP's proposed measures aim to enhance consumer protection and financial health by setting new rules for payment service providers and operators.
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Fintech Alliance Philippines is advocating for stronger regulations on online gambling to safeguard Filipino consumers.
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FinTech Alliance Philippines, representing over 130 corporate members including major banks and e-wallets, supports the Bangko Sentral ng Pilipinas' (BSP) enhanced measures to curb problems related to online gambling.
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A bill has been filed in the House of Representatives seeking to regulate online gambling platforms to combat worsening gambling addiction, particularly among the youth.
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Senators Loren Legarda and Raffy Tulfo have filed separate bills seeking a nationwide ban on online gambling and its promotion, citing negative social impacts, particularly on minors.
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CitizenWatch Philippines advocates for stronger regulation over a complete ban on online gambling, arguing that prohibition could lead to more issues.
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