BSP mandates the removal of e-sabong operations from e-wallet apps!

The Bangko Sentral ng Pilipinas ordered financial institutions to terminate all electronic "e-sabong" operators from the list of merchants.

File photo: Maya (formerly known as PayMaya) is one of the popular e-wallets in the country

Financial institutions like GCash and Maya should stop dealing with e-sabong

BSP states that this order was issued through Memorandum 2022-026 to all central bank-supervised financial institutions. BSP Governor Benjamin Diokno said,

The BSP reiterates that bank-supervised financial institutions (BSFIs) should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency.

The central bank reiterates that BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency.

This is in light of President Rodrigo Duterte's command to stop all e-sabong operations in the Philippines effective last May 3 this year. 

To recall, Duterte decided to remove online cockfighting after  DILG's recommendation based on a survey conducted in cities and provinces. Allegedly, the department discovered the alarming "social impact" of e-sabong, especially in Filipino families.

The BSP also directed BSFIs to advise their clients who still have remaining funds in their e-sabong accounts to transfer them back to their e-wallets within 30 days from the issuance of the memorandum. Allegedly,  all links to e-sabong accounts and e-wallets, including e-sabong merchant operator accounts, will be disabled.

DILG Sec. Eduardo Año noted that even if operators or bettors go underground, they cannot bet through Gcash and Paymaya anymore. He added,

Sa tulong ng ating mga kapwa ahensiya ng pamahalaan, mawawakasan din natin ang mapinsalang e-sabong na nakasira na sa maraming pamilya sa ating bansa.

Meanwhile, the Department of the Interior and Local Government (DILG) commended the Bangko Sentral ng Pilipinas (BSP) for its contribution to eliminating e-sabong operations in the country when it ordered its BSFIs not to deal with accounts linked to the illegal gambling.

Sources: GMA News, Manila Bulletin