Philippine legislators are pushing a new bill aimed at limiting the integration of e-wallets with online gambling platforms. As users can easily top up their gambling accounts through digital financial applications, public concerns about gambling addiction and financial risks are increasing.
Representative Jonathan Keith Flores pointed out that the seamless top-up of e-wallets and built-in gambling links make it easier for users to keep betting, especially posing a huge temptation for low-income groups. He warned that this convenience is "fueling addiction," with many people falling into a vicious cycle of gambling to escape economic pressures.
Although he acknowledges the important role of e-wallets in daily payments, he emphasized that these fintech platforms should not become gateways to the world of gambling. He suspects that some e-wallet companies are profiting from gambling features and calls for the complete removal of all gambling-related aggregation functions.
Currently, some e-wallets in the Philippines have integrated gambling catalogs and loan services, further exacerbating financial risks. Although there are no clear punitive measures yet, Flores suggests a thorough study of regulatory responsibilities and recommends that the Central Bank of the Philippines (BSP) and the Securities and Exchange Commission (SEC) take the lead in the review.
Another legislator, Rolando Valeriano, advocates a more radical stance, calling for the revocation of online gambling operators' licenses and promoting strictly regulated physical gambling venues. He believes that immediate action should be taken to curb the increasingly close connection between gambling and financial technology.
