THE Bangko Sentral ng Pilipinas (BSP) is finalizing new rules that will require stronger safeguards against “gambling-related harm.”
The BSP said in a statement it is taking action to protect financial consumers from the risks associated with online gambling.
Also, the regulator added that the new rules are drawn up after public consultation and will apply to banks, e-wallets and other financial service providers that the BSP supervises.
The central bank said the upcoming measures will include:
* strict identity verification, including biometric checks, such as facial recognition, to ensure only eligible individuals can use their funds for online gambling,
* daily limits on gambling-related transfers to reduce excessive financial losses,
* time-based restrictions on gambling payments to help curb impulsive behavior, and
* user tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.
The BSP said safeguards aim to reduce the risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services.
“The BSP remains committed to maintaining a safe, secure, and inclusive digital finance ecosystem for all Filipinos,” it added. (Philippine Daily Inquirer)
