Philippine Central Bank Eyes Stringent Rules on Gambling Transactions

As the Philippines’ fight against illegal gambling and gambling harm continues, the Philippine Central Bank (Bangko Sentral ng Pilipinas/BSP) has decided to introduce more stringent rules on gambling-related transactions.

BSP Is Considering New Rules to Shield the Public

According to a report by The Inquirer, the BSP is currently working on a new pack of regulations that seek to shield consumers from harm. Based on extensive public consultations, these new rules will ensure that players do not spend more than they can afford.

Among other things, upcoming measures will include robust identity verification. To that end, the BSP will introduce biometric checks, such as facial recognition, to prevent ineligible customers from gambling.

At the same time, the BSP will also set daily limits on gambling-related transfers, thus setting restrictions on the maximum amount players can deposit into their gambling accounts daily. These will be reportedly combined with time-related restrictions on gambling payments to prevent excessive play.

Additionally, the BSP is considering a variety of safer gambling tools for setting personal limits, cool-down periods and self-exclusion.  

According to The Inquirer, the new rules will apply to all banks, e-wallets and financial services under the BSP umbrella.

In an official statement, the BSP said that it remains committed to protecting players from harm.

The Philippines’ Regulatory Debates Continue

The BSP’s new restrictions comes as the Philippines continues to struggle with balancing its gaming ecosystem in the wake of its POGO ban. The country has been working hard to prevent the formerly permitted offshore companies from targeting local players and has been seeking to crack down on any remaining operations.

At the same time, critics have proposed banning online gambling as a whole, due to the inherent difficulties tied to regulating the iGaming sector. Additionally, some have suggested that online casino gaming is not worth it can lead to more harm than good.

As the debates continue, President Ferdinand Marcos has partially recused himself from participating in the dialogue.