The Central Bank of the Philippines (BSP) recently announced a new regulatory draft targeting online gambling activities, currently soliciting public opinions. The draft proposes several stringent measures aimed at reducing the risks associated with national participation in online gambling and protecting family finances from harm.
BSP Governor Eli Remolona stated that the new regulations explicitly prohibit certain groups from participating in online gambling, including those receiving social assistance, government employees, and the central bank's own staff. He noted, "Such behavior is inappropriate, and we hope to reduce the negative social impact of gambling by setting clear restrictions."
This action continues a series of regulatory measures recently taken by the central bank. Previously, BSP had required all electronic wallet service providers to remove links in the app that directly lead to online gambling platforms to reduce the convenience of users accessing gambling. In the new draft, BSP further proposes several risk control requirements, including the introduction of biometric authentication technologies such as facial recognition to strengthen user identity verification, setting daily transaction limits for gambling-related transfers, and implementing time-based payment restrictions.
Additionally, banks and electronic wallet service providers also need to upgrade app features, allowing users to set their own spending limits or opt to suspend gambling transactions. Remolona emphasized in an interview with ANC's "Market Edge" program, "The setting of these barriers is to protect family financial stability and mitigate the social issues that online gambling may cause as much as possible."
The advancement of this draft demonstrates the Philippine government's determination to strengthen online gambling regulation, attempting to cut off the chain risks of gambling addiction and family financial collapse from the payment stage.
