Metro Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to introduce new safeguards, such as transfer limits and biometric identity checks, to protect consumers from the risks of online gambling.
In a news release on Thursday, Aug. 7, the BSP said it is finalizing new rules after conducting public consultation on how to strengthen safeguards against gambling-related harm.
The measures required on banks, e-wallets, and other financial service providers include the following:
+ Strict identity verification, including biometric checks, such as facial recognition, to ensure only eligible individuals can use their funds for online gambling;
+ Daily limits on gambling-related transfers to reduce excessive financial losses;
+ Time-based restrictions on gambling payments to help curb impulsive behavior; and
+ User tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.
“These safeguards aim to reduce the risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services,” the central bank said.
Online gambling has been a recent hot topic in the Philippines, with bishops also sounding a “public health crisis” on online gambling addiction.
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Several lawmakers have filed bills seeking to tighten regulations or totally ban online gambling, but Malacañang said President Ferdinand Marcos Jr. wants a “well-studied” decision on the matter.
