Philippine Central Bank to Impose Stricter Regulations on Gambling Transactions

Central Bank Aims to Protect Consumers in Gambling Transactions

The Central Bank of the Philippines, known as Bangko Sentral ng Pilipinas (BSP), is taking new steps to strengthen regulations surrounding gambling transactions. This initiative is part of the country’s ongoing efforts to combat illegal gambling and reduce gambling-related harms.

New Measures Focus on Consumer Protection

Reports indicate that BSP is developing a comprehensive set of rules to safeguard players by ensuring responsible gambling practices. These proposals come after extensive consultations with the public to understand their concerns and challenges.

The upcoming rules will include advanced identity verification methods, such as biometric technologies like facial recognition, to prevent unauthorized or underage players from accessing gambling services.

Moreover, the BSP plans to implement daily monetary limits on gambling account deposits, along with time-based restrictions on payments, aimed at discouraging excessive gambling behavior.

The regulations will also introduce features to support safer gambling, including options for setting personal spending caps, initiating cool-down periods, and enabling self-exclusion for players who need to take breaks from gambling.

These rules are intended to cover all financial institutions regulated by BSP, including banks, e-wallet providers, and other financial service entities.

The BSP emphasizes its dedication to protecting consumers from gambling-related harm and ensuring a safer gambling environment for all players.

Ongoing Regulatory Challenges in the Philippine Gambling Industry

The announcement of these stricter rules comes amid continuing challenges in the Philippine gambling sector, especially following the government’s ban on Philippine Offshore Gaming Operators (POGOs). The authorities remain vigilant in preventing offshore gambling firms from targeting local players and cracking down on illegal operations that continue to exist.

Public discussions are ongoing, with some stakeholders advocating for a complete ban on online gambling due to concerns over regulation difficulties and potential social harm.

Meanwhile, President Ferdinand Marcos has chosen to maintain a neutral stance, partly stepping back from direct involvement in the debate surrounding gambling policies in the country.