BSP considers restricting online gambling access

The Bangko Sentral ng Pilipinas (BSP) is considering measures to restrict access to online gambling through Philippine financial institutions in order to protect consumers from associated risks.

According to a draft circular circulated among stakeholders, BSP-supervised institutions like banks and electronic money issuers will be required to enhance safeguards on their digital platforms.

The central bank aims to strike a balance between consumer protection and preserving access to digital payments for licensed businesses through collaborative feedback with stakeholders.

This initiative follows earlier decisions by the BSP to prohibit regulated firms from dealing with unlicensed gambling operators and remove links to electronic sabong (cock fight) after suspending all e-sabong operations in 2021 and 2022, respectively.

Senator Sherwin Gatchalian has proposed a measure imposing strict regulations for online gambling, including banning the use of an e-wallet for online gambling, increasing the minimum age from 18 to 21, and setting a minimum bet of P10,000 with a top up limit of P5,000.

The BSP remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for Filipinos.