BSP Urges Banks to Safeguard Customers from Online Gambling Risks

To shield digital users from growing online gambling risks, the Bangko Sentral ng Pilipinas (BSP) is preparing to issue a new circular that will require banks and electronic money issuers to enhance their protective measures.

In a statement on Thursday, July 3, the central bank said the move aligns with its broader financial consumer protection agenda and goals for promoting financial health among Filipinos.

Under the proposed circular, the BSP wants to strengthen safeguards for users by implementing various limits on gaming access. The central bank has already circulated the draft and is currently reviewing feedback from stakeholders. This ensures the final policy will balance consumer protection with continued access to digital payments for licensed businesses, the BSP said.

This latest initiative builds on the BSP's previous actions. In 2021, it issued a directive prohibiting regulated entities from dealing with unlicensed gambling operators.

Following the government's suspension of all electronic sabong (e-sabong) operations in 2022, the BSP also ordered e-wallets and other supervised institutions to remove links to e-sabong from their platforms.

The BSP added that it remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos.

The central bank did not provide a specific timeline for finalizing and implementing the circular but stated it will be issued once all feedback review considerations are resolved.