BSP Directs E-Wallets to Sever Gambling Ties
Rep. Brian Poe of the FPJ Panday Bayanihan party-list praised the Bangko Sentral ng Pilipinas’ (BSP) decisive move to order e-wallet providers to disconnect from online gambling platforms within 48 hours. This directive highlights the urgent need to regulate digital payment channels amid the surge of online gambling in the country, sources said.
The BSP’s instruction was revealed during a recent Senate committee hearing, signaling strong regulatory action on the intersection of financial technology and online gaming. Local leaders noted this step aligns closely with House Resolution No. 40, authored by Poe, which calls for a thorough investigation into online gambling’s widespread effects.
House Resolution No. 40 Targets Online Gambling Impact
House Resolution No. 40 seeks to explore the multifaceted impact of online gambling, focusing especially on its social, economic, and legal dimensions. Community members said the resolution aims to:
- Assess how online gambling contributes to addiction, particularly among youth and vulnerable groups.
- Evaluate current laws and regulations governing digital payment systems and online gaming.
- Identify loopholes that allow unregulated gambling platforms to operate unchecked.
- Recommend stronger policies and legislative reforms, including potential amendments to financial laws like the Anti-Money Laundering Act.
Urgent Call to Strengthen Digital Transaction Controls
“This is a welcome development as it reinforces the intent of House Resolution No. 40,” Poe said. He emphasized the pressing need to tighten regulations on digital transactions linked to gaming, especially given the rapid growth of online gambling and the easy access provided through e-wallets.
Officials reported that without robust safeguards, the country’s youth and marginalized populations remain vulnerable to exploitation and financial harm. The BSP’s order highlights the urgency of these concerns by targeting the financial channels that fuel online gambling operations.
Collective Action Needed to Protect Public Welfare
“The BSP’s action is proof that decisive measures can and must be taken,” Poe added. “It’s about time we act collectively — across both the executive and legislative branches — to close the gaps that allow these operations to thrive and to ensure our financial systems are not misused to fuel addiction.”
He reaffirmed his commitment to collaborate with regulatory bodies, financial institutions, and lawmakers to craft balanced legislation. This approach aims to protect public welfare while preserving the integrity of the country’s financial system, sources said.
For more news and updates on online gambling regulation, visit Filipinokami.com.
