The Bangko Sentral ng Pilipinas (BSP) said Thursday it will release a new circular to protect users of digital platforms from risks associated with online gambling.
The BSP said it circulated a draft of the document and is reviewing feedback from stakeholders.
It said the circular would seek to require BSP-supervised institutions (BSIs), primarily banks and electronic money issuers, to better protect users of their digital platforms from these risks.
“Protection may come in the form of various limits to gaming access,” the BSP said.
The BSP said it is taking a collaborative approach to crafting the circular to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses.
It said the latest initiative builds on the BSP’s earlier actions, including its 2021 directive prohibiting regulated entities from dealing with unlicensed gambling operators and its 2022 order for e-wallets and other BSIs to remove links to electronic sabong (e-sabong) from their platforms following the suspension by the national government of all e-sabong operations.
The BSP said it remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos.
Manila 2nd District Rep. Rolando Valeriano earlier asked the BSP to prohibit any electronic payment systems and e-wallets from being online gambling tools and conduits.
He also called on President Ferdinand Marcos Jr. to order the revocation of any administrative issuances and regulations that allow the existence and operation of any forms of online gambling, including online casinos and online sports betting.
“I urge the Department of Justice and the Executive Branch to recognize the harms of online gambling and recommend its inclusion among punishable cybercrimes through new legislation or a presidential issuance,” said Valeriano.
“I further ask the PAGCOR and the Games and Amusement Board to revoke all licenses they issued that spawned online gambling,” he said.
