BSP orders e-wallets, banks to cut ties with online gambling platforms

The Bangko Sentral ng Pilipinas (BSP) ordered e-wallet providers and banks to remove icons and links to online gambling platforms within 48 hours on Thursday, citing the surge in online gambling transactions and their impact on consumer financial health.

Deputy Governor Mamerto Tangonan announced the directive during a Senate Committee hearing, stating that all ties with gambling sites must be severed by Saturday, August 16, giving operators time to comply and allow bettors to withdraw their money from gambling accounts.

Senator Erwin Tulfo warned that he would cite BSP officials in contempt if e-wallet providers still had links to gambling platforms on Sunday morning, emphasizing the seriousness of the issue.

Some lawmakers, including Senator Alan Peter Cayetano, questioned why it would take 72 hours to implement this directive when immediate action could be taken, and raised concerns about potential harm during that period.

GCash and Maya, two major mobile wallet providers, have confirmed they will comply with the BSP's directive immediately and are working on implementing necessary changes.

The update will be implemented in line with the BSP’s guidance to ensure compliance and safeguard users' accounts and transactions while the central bank finalizes new rules to mitigate gambling-related harm.