The Bangko Sentral ng Pilipinas (BSP) is drafting a new circular aimed at mitigating risks from online gambling for users of digital financial platforms, as part of its broader financial consumer protection and wellness agenda.
The proposed circular would apply to BSP-supervised institutions (BSIs), including banks and electronic money issuers (EMIs), and is expected to introduce safeguards that limit access to online gaming features through digital payment channels.
The BSP is currently reviewing feedback from industry stakeholders after circulating a draft of the policy.
The initiative marks the central bank’s latest move to strengthen oversight of digital financial activities amid rising usage of e-wallets and online payment apps across the country.
“The BSP is taking a collaborative approach to crafting the circular, to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses,” the BSP said in an announcement.
The Philippines, with over 89 million internet users and one of Southeast Asia’s most active mobile-first economies, has seen a surge in digital payments usage, making the intersection of fintech and online gambling a growing concern for regulators.
BSP officials said the circular seeks to balance consumer protection with maintaining accessibility for legitimate digital transactions, including those from businesses licensed to operate in the gaming sector.
This planned regulation builds on the BSP’s previous directives, including its 2021 order barring regulated financial entities from servicing unlicensed gambling operators, and its 2022 directive requiring the removal of links to e-sabong (online cockfighting) from e-wallets and banking apps, following a government-mandated suspension of such activities.
The central bank reiterated its commitment to fostering a safe and inclusive digital financial environment, underscoring its role in protecting consumers from potentially harmful and addictive platforms that can undermine financial health.
The policy proposal comes as Philippine authorities face rising concerns over digital fraud, illicit gambling, and related social harms exacerbated by the growing penetration of smartphones and internet access in underserved areas.
