Stricter BSP payment rules on online gambling out soon
The Bangko Sentral ng Pilipinas (BSP) is in the final stages of crafting tighter payment regulations aimed at curbing online gambling addiction and shielding Filipinos from the financial harm it can cause.
In a statement on Thursday, the central bank said the forthcoming rules were developed following public consultations and will require banks, e-wallets and other financial service providers to adopt stronger safeguards against gambling-related risks.
“The BSP is taking action to protect financial consumers from the risks associated with online gambling,” the statement said.
The new regulations will include enhanced identity verification protocols—such as biometric checks and facial recognition—to ensure that only eligible individuals are able to use their funds for gambling.
The BSP also plans to implement daily transaction limits and time-based restrictions on gambling-related payments to help prevent excessive losses and impulsive behavior.
Additionally, the rules will mandate the availability of user tools that allow individuals to set personal spending caps or take voluntary breaks from gambling.
Necessary response
Lito Villanueva, founding chairman of FinTech Alliance Philippines, welcomed the BSP’s move, describing it as a necessary response to emerging digital risks.
“As digital payments become more accessible, so too does the risk of excessive gambling, fraud, and financial distress, especially among the youth and vulnerable sectors,” Villanueva said.
He added that the fintech industry supports a “proactive, risk-based approach” that goes beyond simply blocking transactions.
“Measures like real-time monitoring, stricter onboarding, merchant classification, and customer self-exclusion tools will help banks and fintechs protect users while upholding financial integrity,” he said.
“This is a vital step toward building a more responsible and resilient digital finance ecosystem,” he added.
Apart from the BSP, the Department of Finance is also formulating tighter rules covering online gambling, including potential higher fees and taxes.
