The Bangko Sentral ng Pilipinas (BSP) is considering options to limit the public’s access to online gambling to protect consumers from the risks of these services.
In a statement Thursday, the BSP said it has circulated among stakeholders a draft document that aims to require banks and electronic money issuers to better protect their customers.
One of the modes being looked into is setting a limit on who can access the online gambling sites or apps, it said.
“The BSP is taking a collaborative approach to crafting the circular, to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses,” it explained.
The central bank said this move follows earlier decisions to prohibit regulated firms from dealing with unlicensed gambling operators and for electronic wallet (e-wallet) providers and other BSP-supervised institutions (BSIs) to remove from their platform links electronic sabong (cock fight) after the national government suspended all e-sabong operations.
It said these measures are aimed at protecting consumers and ensuring financial health.
“The BSP remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos,” it added. (PNA)
