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The Bangko Sentral ng Pilipinas (BSP) is preparing a circular that aims to protect users of digital platforms from risks linked to online gambling. The policy forms part of the Central Bank’s broader financial consumer protection and financial health agenda.
Meanwhile, Senator Sherwin Gatchalian is proposing a bill to create stricter rules against online gambling.
Key Details:
- The BSP circulated a draft circular requiring banks and electronic money issuers to apply restrictions on online gambling.
- Protection mechanisms may include limits on access to gambling transactions via digital platforms.
- The policy follows a 2021 BSP directive against dealings with unlicensed gambling operators.
- In 2022, the BSP ordered e-wallets to remove e-sabong links after the national government halted the practice.
The BSP said it is working with stakeholders to balance consumer protection with continued access to legitimate digital payments.
“We are taking a collaborative approach to ensure the final policy is both protective and pragmatic.”
Bangko Sentral ng Pilipinas
Gatchalian Bill Proposes Stricter Gambling Controls
Meanwhile, Senator Sherwin Gatchalian filed a bill that would impose tighter controls on online gambling, expanding the legislative effort to curb its social and financial risks.
- The bill would prohibit banks and e-wallets, including GCash, from processing online gambling transactions.
- It raises the legal gambling age from 18 to 21.
- It sets a ₱10,000 minimum cash-in amount and a ₱5,000 minimum per top-up for online gambling wallets.
- The bill bans sponsorships of public events and political donations from gambling firms.
- Regulatory agencies could face lawsuits or dismissal for non-enforcement.
- Funds from licensing fees would support gambling addiction rehabilitation centers.
“Many families have had their futures destroyed because of online gambling, which is made easier by e-wallets, for instance, Scatter. Due to its accessibility, online gambling activities have magnified the dangers from gambling and have been linked to the erosion of our moral fibers, as it has caused an increase in mental health problems, financial problems, addictive behavior, vices, and crime rates.”
Senator Sherwin Gatchalian
This article is published on BitPinas: BSP Drafts Policy to Address Online Gambling Risks on Digital Platforms
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