BSP readies stricter online gambling rules
The upcoming rules will also introduce daily limits on gambling-related transfers to help mitigate excessive losses.
Daily TribuneThe upcoming rules will also introduce daily limits on gambling-related transfers to help mitigate excessive losses.
The Bangko Sentral ng Pilipinas (BSP) has finalized new measures to protect Filipino consumers from the financial and behavioral risks linked to online gambling, as the country’s digital financial transactions continue to surge.
Following public consultations, the central bank is crafting regulations that will require banks, e-wallets, and other financial service providers to strengthen their systems and adopt safeguards aimed at reducing gambling-related harm.
These include stricter identity verification protocols, such as the use of biometric checks like facial recognition, to ensure that only eligible users can access gambling services through their digital accounts.
The upcoming rules will also introduce daily limits on gambling-related transfers to help mitigate excessive losses.
In addition, the BSP plans to enforce time-based restrictions on gambling payments to discourage impulsive betting behavior.
Consumers will also have access to in-app tools that allow them to set personal spending limits, take voluntary breaks, or completely exclude themselves from gambling-related transactions.
Broad effort vs fraud
These interventions, the BSP said, are part of a broader effort to combat fraud, reduce the risk of addiction, and promote the responsible use of digital financial services.
The BSP said the goal is to maintain a digital finance ecosystem that is safe, secure, and inclusive, while remaining responsive to public needs. Although the central bank does not directly regulate gambling activities, it emphasized the importance of ensuring that the financial system is not used in a manner that exposes consumers to harm.
The move comes at a time when online gambling platforms are becoming more accessible, especially through mobile payment apps and digital wallets. As digital finance becomes increasingly embedded in daily life, the BSP continues to prioritize consumer protection while enabling innovation across the financial sector.