The Bangko Sentral ng Pilipinas (BSP) is set to issue a new circular aimed at safeguarding users of digital financial platforms from the risks posed by online gambling, as part of its broader financial consumer protection agenda and commitment to enhancing Filipinos’ financial health.
The central bank on Friday said it has circulated a draft circular and is currently reviewing feedback from relevant stakeholders at the moment, including banks and electronic money issuers. Once finalized, the policy will require BSP-supervised institutions (BSIs) to adopt measures that limit consumer exposure to online gambling risks. These measures may include the imposition of access restrictions or transaction limits related to online gaming platforms.
“The BSP is working collaboratively with stakeholders to ensure the proposed guidelines protect consumers while maintaining access to legitimate digital financial services,” the BSP said.
The upcoming circular follows earlier BSP directives addressing gambling-related risks. In 2021, the BSP barred BSIs from dealing with unlicensed gambling operators. In 2022, it ordered the removal of links to e-sabong platforms from digital wallets following the government’s suspension of all e-sabong activities.
The initiative reinforces the BSP’s ongoing commitment to building a safe, secure, and inclusive digital finance ecosystem, aligning with its long-term financial stability and consumer welfare goals.
