BSP Orders E-Wallet Providers to Sever Connections with Online Gambling Sites Within 48 Hours

BSP’s Directive to E-Wallet Providers

The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has mandated that all electronic wallet (e-wallet) providers must disconnect their services from online gambling websites within a strict 48-hour period. This directive aims to curb the facilitation of online gambling transactions through digital payment platforms.

Details from the Senate Hearing

During a recent session of the Senate Committee on Games and Amusements, BSP Deputy Governor Mamerto Tangonan announced that this order was issued on the same day of the hearing, emphasizing the urgency of compliance. He assured lawmakers that by Sunday, all e-wallet connections to online gambling sites would be terminated. The Monetary Board approved a policy requiring BSP-supervised financial institutions to remove any icons or links leading users to gambling platforms.

Data presented highlighted the widespread existence of thousands of illegal online gambling outlets in the Philippines. These mainly consist of online casinos, some offshore betting platforms, and numerous online sabong (cockfighting) betting sites.

This move follows BSP’s earlier initiative last month when it proposed implementing daily transaction limits for online gambling payments as a measure to prevent problematic gambling behavior among users.

Opposition and Concerns Raised

Not everyone agreed with the BSP’s 48-hour ultimatum. Senator Alan Peter Cayetano questioned the timing and sincerity behind the directive, expressing skepticism about the feasibility of fully removing gambling links within such a short window. He argued that the removal should be immediate since technical teams at e-wallet companies should be capable of acting without delay, and suggested that the 48-hour allowance might only extend the duration during which online gambling can operate.

Senator Erwin Tulfo, who chairs the committee, echoed these concerns and demanded that by the end of Saturday, all gambling connections to e-wallet platforms must be terminated. He warned that any failure to comply by Sunday morning would result in contempt citations for responsible parties. Tulfo stressed the gravity of the matter, describing it as a significant crisis requiring urgent action.

Similarly, Senate Majority Leader Joel Villanueva criticized the justification for the 48-hour timeframe. He noted inconsistencies, referencing a statement from Assistant Secretary Paraiso who suggested that the removal of gambling links could be done immediately. Villanueva maintained that no clear reason was given to support the proposed delay.