The Bangko Sentral ng Pilipinas (BSP) today announced its plan to issue a new circular aimed at safeguarding users of digital platforms from the inherent risks associated with online gambling. This initiative underscores the BSP’s unwavering commitment to its financial consumer protection agenda and broader financial health goals for all Filipinos.
The BSP has circulated a draft of the proposed circular and is actively reviewing feedback from various stakeholders, ensuring a comprehensive and balanced policy. The forthcoming circular will mandate BSP-supervised institutions (BSIs), primarily banks and electronic money issuers, to implement enhanced measures to protect their digital platform users from online gambling-related risks. These protective measures may include various limits on gaming access.
The central bank is adopting a collaborative approach in crafting this policy, seeking to strike a crucial balance between robust consumer protection and maintaining legitimate access to digital payment services for licensed businesses.
This latest move builds upon the BSP’s prior actions to foster a secure digital financial ecosystem. These include a 2021 directive prohibiting regulated entities from engaging with unlicensed gambling operators, and a 2022 order instructing e-wallets and other BSIs to remove links to electronic sabong (e-sabong) from their platforms, following the national government’s suspension of all e-sabong operations.
“Our digital financial landscape must be a safe and secure environment for every Filipino,” said a spokesperson for the Bangko Sentral ng Pilipinas. “This new circular is a testament to our proactive stance in mitigating emerging risks, particularly those linked to online gambling, while ensuring the continued growth and accessibility of digital payments for legitimate purposes. We are committed to working with all stakeholders to achieve this vital balance.”
The BSP remains dedicated to promoting a safe, secure, and inclusive digital finance ecosystem that empowers and protects all financial consumers in the Philippines.
