The Bangko Sentral ng Pilipinas (BSP) is increasing its efforts to protect users of digital platforms from the risks associated with online gambling. The central bank has circulated a draft document among stakeholders and is currently reviewing feedback.

This initiative aligns with the BSP’s financial consumer protection agenda and financial health goals. The draft circular aims to require BSP-supervised institutions, primarily banks and electronic money issuers, to implement better protective measures for their customers.

“Protection may come in the form of various limits to gaming access,” the BSP stated.

BSP suggests options like setting limits on who can access online gambling sites or applications.

The BSP is adopting a collaborative approach to developing this circular. The goal is to balance consumer protection with the preservation of access to digital payments for licensed businesses.

This move follows earlier decisions by the central bank to prohibit regulated firms from dealing with unlicensed gambling operators. Additionally, electronic wallet providers and other BSP-supervised institutions received directives to remove links to electronic sabong (cockfight) from their platforms. This followed a government suspension of such operations.

These measures collectively aim to protect consumers and ensure financial health. The central bank reaffirmed its commitment, stating:

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

The decision also follows a call from Cardinal Pablo Virgilio David, President of the Catholic Bishops’ Conference of the Philippines, for the government to better protect citizens from gambling addiction.

Furthermore, Senator Sherwin Gatchalian recently filed a bill seeking to tighten regulations on online gambling by prohibiting the use of e-wallets for the activity.

Featured image by Anna Tolipova on Freepik.