The Market Monitor Minding the Nation's Business
The Bangko Sentral ng Pilipinas (BSP) is addressing the risk of users of online gambling on digital platforms, in line with BSP’s financial consumer protection agenda and financial health goals.
BSP has released a draft of a circular for review and feedback by different stakeholders. The circular proposed to require BSP-supervised institutions (BSIs) – primarily banks and electronic money issuers – to better protect users of their digital platforms from these risks. Protection may come in the form of various limits to gaming access.
BSP is taking a collaborative approach in crafting the circular, to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses.
This latest initiative builds on the BSP’s earlier actions, including its 2021 directive prohibiting regulated entities from dealing with unlicensed gambling operators, and its 2022 order for e-wallets and other BSIs to remove links to electronic sabong (e-sabong) from their platforms following the suspension by the national government of all e-sabong operations.
BSP is committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos.