The Central Bank of the Philippines (BSP) recently announced that it is studying new regulations to restrict online gambling payment channels through financial institutions, aimed at enhancing consumer protection and reducing gambling-related financial risks. The central bank has issued a regulatory draft to banks and e-wallet platforms, requiring them to strengthen customer protection mechanisms.
The draft includes restrictions on user access to gambling-related websites and apps, and continues the existing regulations that prohibit licensed financial institutions from doing business with unlicensed gambling operators. Additionally, the central bank emphasized that it will seek a balance between consumer rights protection and compliant business development through a "collaborative formulation" approach.
Since the complete cessation of the electronic cockfighting (e-sabong) business in 2022, the central bank has ordered major electronic payment platforms to remove related features. This new regulation can be seen as a continuation of strengthened supervision, further standardizing the compliance and transparency of payment channels.
The Central Bank of the Philippines stated that it will continue to optimize the digital financial ecosystem to ensure public financial safety and the healthy development of the entire payment system.
