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BSP drafts rules to address online gambling risks
The Bangko Sentral ng Pilipinas (BSP) is strengthening measures to safeguard Filipinos from the dangers of online gambling.
The central bank will issue a circular mandating BSP-supervised institutions, including banks and electronic money issuers, to enhance user protection on their digital platforms.
These protective measures may include implementing various limits on access or spending on gambling-related activities.
This initiative aligns with the BSP's ongoing financial consumer protection agenda and its goals for financial health and responsible use of digital finance channels.
A draft of the circular has been circulated for stakeholder feedback and is currently under review.
The BSP's statement comes in the wake of viral reports and rising alarm over how easily online gambling can be accessed via e-wallets, with one widely shared case involving a jeepney driver who allegedly lost an entire day's earnings to online gambling.
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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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Senators Pia and Alan Peter Cayetano have filed a bill proposing a ban on all forms of online gambling in the Philippines, citing its addictive nature and association with criminal activities.
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Licensed online gaming operators in the Philippines are advocating for stronger regulation rather than a complete ban on online gaming, warning that prohibition would drive players to unregulated black market sites.
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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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Senator Sherwin Gatchalian has proposed a bill seeking stricter regulations for online gambling in the Philippines to combat rising gambling addiction, particularly among the youth.
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