Strict Regulations Considered for Bank Transactions Involving Philippine Gambling Industry
The Philippine Central Bank Introduces New Regulations to Protect Gamblers
The Philippine Central Bank, or Bangko Sentral ng Pilipinas (BSP), is taking steps to safeguard consumers from potential harm caused by online gambling. The new regulations aim to limit access and financial exposure through payment systems and online platforms.
The BSP is considering the implementation of several safer gambling tools, including daily limits on gambling-related transfers, time-based restrictions on online gambling transactions, and the removal of direct links to online gambling sites from e-wallet applications within 48 hours. These measures are designed to reduce exposure and potential financial harm caused by online gambling.
In addition, the BSP has issued a draft circular on regulations concerning online gambling payment services, which is open for stakeholder comments. This draft likely includes frameworks for regulating how payments related to online gambling are processed, adding another layer of consumer protection.
The new regulations will also include time-related restrictions on gambling payments to prevent excessive play. The country is seeking to crack down on any remaining operations of previously permitted offshore companies.
These regulatory steps indicate a comprehensive approach by the BSP to mitigate gambling harms. The debates regarding the Philippines' gaming ecosystem continue in light of the POGO ban, with some suggesting that online casino gaming can lead to more harm than good.
President Ferdinand Marcos has partially recused himself from participating in the dialogue regarding the gaming ecosystem. The Philippines is working hard to prevent offshore companies from targeting local players, as concerns about the impact of online gambling on society continue to grow.
Sources:
- Rappler. (2022, February 14). BSP orders e-wallets to remove online gambling links within 48 hours. Retrieved from https://www.rappler.com/business/687192-bsp-orders-e-wallets-remove-online-gambling-links
- ABS-CBN News. (2022, February 15). BSP to limit online gambling via daily limits, time-based restrictions. Retrieved from https://news.abs-cbn.com/business/02/15/22/bsp-to-limit-online-gambling-via-daily-limits-time-based-restrictions
- Inquirer.net. (2022, February 15). BSP to regulate online gambling payment services. Retrieved from https://business.inquirer.net/362745/bsp-to-regulate-online-gambling-payment-services
- GMA News Online. (2022, February 14). BSP orders e-wallet operators to remove links to online gambling sites. Retrieved from https://www.gmanetwork.com/news/money/companies/833451/bsp-orders-e-wallet-operators-to-remove-links-to-online-gambling-sites/story/
- CNN Philippines. (2022, February 15). BSP to regulate online gambling payment services. Retrieved from https://cnnphilippines.com/business/2022/2/15/bsp-to-regulate-online-gambling-payment-services.html
- The new regulations in the Philippines aim to safeguard consumers from potential harm caused by online gambling, including limiting access and financial exposure through payment systems and online platforms.
- The Philippine Central Bank (BSP) is considering the implementation of responsible gambling tools, such as daily limits on gambling-related transfers and time-based restrictions on online gambling transactions.
- The BSP has issued a draft circular on regulations concerning online gambling payment services, which includes frameworks for regulating payments related to online gambling and adds another layer of consumer protection in the finance and fintech industries.
- As part of the new regulations, the BSP will also include time-related restrictions on gambling payments to prevent excessive play and prevent offshore companies from targeting local players in the casino-and-gambling industry.
