Gambling habits are dangerously formed in many cases by addictions and personal financial mismanagement.
Banks can stage interventions by limiting access on digital financial platforms. The Bangko Sentral ng Pilipinas is helping to shield consumers from the dangers of online gambling and has shared a draft to key stakeholders for consultation on potential new regulations aimed at limiting access to legitimate customers only who find themselves in this position.
The proposal focuses on financial institutions under its supervision, like banks, to implement stricter safeguards, including imposing restrictions to gambling websites or mobile applications that are connected to a user’s bank account and verification.
The central bank’s approach is safeguarding the financial well-being of Filipinos. In a statement, the BSP emphasised the need for a balanced approach that ensures user safety while maintaining access to legitimate digital payment services.
“This is about enhancing the safety of the digital finance environment without compromising its accessibility for licensed businesses,” said a BSP representative.
BSP previously curtailed unregulated online gambling and last year, directed regulated firms and digital wallet providers to cease transactions with unauthorised gambling operators.
The BSP said: “The BSP remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos.”
