BSP targets e-Wallets, banks in new anti-gambling rules

• Photo from BSP

By TechWatch PH Staff

The Bangko Sentral ng Pilipinas (BSP) is finalizing a new set of rules that will compel e-wallets, banks, and other financial service providers to implement stricter safeguards to protect Filipinos from the growing risks of online gambling.

In a statement released this week, the BSP said the policy reforms were developed through a public consultation process and are aimed at minimizing the financial harm caused by digital gambling platforms.

The new rules are expected to enforce tighter identity verification procedures, including biometric authentication such as facial recognition, to ensure that only eligible users can fund gambling transactions.

In addition, the central bank will impose daily transaction limits for gambling-related payments to help curb excessive losses and financial vulnerability.

To reduce impulsive behavior, the guidelines will introduce time-based restrictions on when gambling payments can be made through digital financial services.

The framework will also mandate user-driven features like personal spending caps, self-imposed breaks, and voluntary exclusion from gambling-related transactions.

The BSP clarified that its goal is not to prohibit online gambling, but to encourage responsible digital finance behavior in the face of increasing exposure to high-risk financial activities.

Officials stressed that with the rapid growth of gambling apps and platforms, financial service providers must take a more active role in protecting their users.

The central bank confirmed that the final rules will be issued soon, after which all regulated entities will be expected to comply within a specified period.

The BSP reiterated its commitment to safeguarding public interest and ensuring that the country’s digital finance ecosystem remains secure, responsible, and inclusive.