BSP strengthens measures vs online gambling risks

The Bangko Sentral ng Pilipinas (BSP) will enforce new safeguards to protect financial consumers from gambling-related risks.

In a statement, the central bank said it is finalizing rules requiring banks, e-wallets, and other financial service providers to implement stricter guidelines.

The regulations include strict identity verification, such as biometric checks including facial recognition; daily limits on gambling-related transactions; time-based restrictions on gambling payments; and user tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.

BSP said these measures, formulated after a public consultation, aim to curb risks of addiction, fraud and financial harm while promoting responsible use of digital financial services.

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