BSP to release circular aiming to protect Filipinos from online gambling

The  Bangko Sentral ng Pilipinas (BSP) announced on its website that it will soon issue a circular on regular online gambling.

BSP logo and an AI generated image of online gambling addicts

To help curb online gambling addiction?

The statement said that the circular is aimed at safeguarding users of digital platforms from online gambling risks, in alignment with its financial consumer protection agenda and financial wellness objectives.

According to BSP, it has already distributed a draft version for stakeholder review to ensure transparency and inclusivity.

Under the proposed policy, BSP-supervised financial institutions—including banks and electronic money issuers (GCash, Maya, and more)—must enforce user protection measures against online gambling risks, which may include limiting access to gambling-related features.

BSP intends for the final circular to strike a careful balance: shielding consumers from harmful content while maintaining digital payment access for legitimate, licensed businesses.

To recap, BSP's previous efforts include its 2021 directive barring regulated entities from engaging with unlicensed gambling operators and its 2022 order requiring BSIs to remove e-sabong links after the national government suspended all such operations.

Recently, there has been a growing call to curb e-gambling in the Philippines from different sectors to protect Filipinos from the harms of the above-mentioned activities, particularly preventing the youth from becoming "gambling addicts".

Sen. Sherwin Gatchalian also seeks to tighten online gambling regulations and prohibit the use of e-wallets on such activities.

BSP said that it is committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos.

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Source: BSP, Via: ANC