The Central Bank of the Philippines (BSP) is about to finalize a new regulatory framework for online gambling payments, aimed at reducing financial risks associated with digital gambling. The new regulations will apply to banks, electronic wallets, and other institutions regulated by the BSP, and will require stricter identity verification before processing gambling-related transactions, including facial recognition and biometric checks.
The proposed measures also include daily transaction limits, time restrictions, self-exclusion, and consumption caps as user control features to prevent impulsive betting and addiction. BSP states that these regulations are formulated based on public consultation, responding to societal concerns about the accessibility and addiction issues of digital gambling.
Lito Villanueva, founding chairman of the Philippine Fintech Alliance, supports this and calls for more comprehensive risk-based regulation, such as real-time monitoring, high-risk merchant categorization, and stricter registration processes, rather than just blocking transactions.
Meanwhile, the Department of Finance is also reviewing online gambling policies, and amendments may increase the tax rates and operating costs of licensed platforms.
