Philippine central bank developing online gambling rules for banks, e-wallets

By Luisa Maria Jacinta C. Jocson, Senior Reporter

The Bangko Sentral ng Pilipinas (BSP) is looking to require financial institutions to impose stricter safety protocols to mitigate risks from online gambling.

In a statement on Thursday, the central bank said it is “taking action to protect financial consumers from the risks associated with online gambling.”

The booming gaming industry in the Philippines is now drawing heightened scrutiny amid concerns over rising addiction and financial problems among Filipinos.

“It is finalizing new rules, developed following public consultation, that will require banks, e-wallets, and other financial service providers to adopt stronger safeguards against gambling-related harm,” the BSP said.

These will include measures such as strict identity verification, daily limits on gambling-related transfers, time-based restrictions on gambling payments, and user tools for setting personal spending caps, among others.

“These safeguards aim to reduce the risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services,” it added.

The central bank last month released a draft circular which aims to establish regulations on online gambling payment services