BSP orders e-wallets to unlink from online gambling platforms within 48 hours
The Bangko Sentral ng Pilipinas gave e-wallet platforms 48 hours to unlink from online gambling platforms amid growing concerns about the vice.
BSP Deputy Governor Mamerto Tangonan gave the order during a Senate Games and Amusement Committee hearing on Thursday, Aug. 14.
Asked why it had to be within 48 hours instead of immediately, Tangonan explained, "We gave them sufficient time, all of them... to take (the online gambling links) down, and also give adequate or prompt information to the public."
It's expected that the links will no longer be available by Sunday morning, according to the deputy governor.
As for violators, Tangonan said, "We will also sanction the concerned (e-wallet platforms)."
Tangonan assured the public that the central bank is committed to protecting consumers and ensuring that financial systems aren't being exploited in the name of online gambling.
Earlier this year, the BSP issued a draft circular addressing the digital marketplace operations of banks and electronic money issuers. The circular included a rule barring them from offering products or services connected to gambling activities like online casinos, online betting, and electronic gaming.
Last July, the Philippine Amusement and Gaming Corporation ordered the removal of gambling billboards and out-of-home advertisements by Aug. 15.
PAGCOR's move came on the heels of FinTech Alliance Philippines, the country's largest organization of financial technology companies, announcing stricter safeguards and control mechanisms for the use of digital payment platforms for online gambling activities.
Lito Villanueva, the founding chairman of FinTech Alliance Philippines, said that they're aligned with the BSP "in ensuring that access to payment channels for online licensed gaming is strictly controlled, and that all FinTech Alliance members adopt robust due diligence measures.”
Their measures include enhanced due diligence of merchant accounts classified under licensed online gaming; real-time detection, monitoring, and blacklisting of illegal and unregulated platforms; and full compliance with BSP-imposed restrictions and enforcement actions on payment channels found to be violating laws.
Lawmakers have also sought to regulate the industry, with others seeking to outright ban it. Senators who strongly wanted to ban online gambling include Joel Villanueva, Migz Zubiri, Raffy Tulfo, and Pia Cayetano. Senators Win Gatchalian and Risa Hontiveros, meanwhile, prefer stricter regulations instead.
PAGCOR Chairman and Chief Executive Officer Alejandro Tengco, however, has since expressed misgivings on a total ban on online gambling.
In the July 8 episode of One News’s Storycon, Tengco noted that they collected around P50 billion from online gaming operations in 2024, and that half of the revenue directly funds the likes of the Universal Health Care Act, the Philippine Health Insurance Corporation, the Philippine Sports Commission, and the Dangerous Drugs Board.
“If properly regulated, online gaming can be a major contributor to government services and economic development,” he added.
The Department of Finance, meanwhile, is looking into taxing online gaming activities.
The Department of Information and Communications Technology, through its Cybercrime Investigation and Coordinating Center, ordered influencers to take down their posts promoting online gambling. It warned that those who don’t comply may face criminal charges like illegal gambling, tax evasion, and violation of the Data Privacy Act.