The Bangko Sentral ng Pilipinas (BSP) said on Thursday it will issue a circular aimed at protecting users of digital platforms from risk associated with online gambling.
In a statement, the BSP circulated a draft of the document, which is currently under review for feedback from stakeholders.
The BSP said the move is in line with its financial consumer protection agenda and financial health goals.
This latest initiative builds on the BSP’s earlier actions, including its 2021 directive prohibiting regulated entities from dealing with unlicensed gambling operators.
In 2022, the BSP also issued a memorandum ordering e-wallets and other BSP-supervised institutions (BSIs) to remove links to electronic sabong (e-sabong, referring to cockfights) from their platforms, following the national government’s suspension of all e-sabong operations.
BSP said the circular “would seek to require BSIs, primarily banks and electronic money issuers, to better protect users of their digital platforms from these risks.”
BSP said protection may come in the form of various limits to gaming access.
Inclusive digital finance
The central bank said it remains committed to fostering a safe, secure and inclusive digital finance ecosystem for all Filipinos.
“The BSP is taking a collaborative approach to crafting the circular, to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses,” the circular stated.
Michael Ricafort, RCBC’s chief economist, said in a Viber message that the move is important amid the need to protect the banking public from unnecessary risks and ethical issues.
“This is consistent with financial literacy and soundness to always uphold the best interest of the banking public at all times. (BSP should) always protect and ensure the public good and order,” Ricafort added.
The government earlier warned the public against illegal online gambling sites as these are hotbeds of scams, including credit card fraud and identity theft.
It said the public should only use licensed online-based games.
Consumer protection
Scam Watch Pilipinas, a Philippine-based national movement and citizen arm aimed at combating online scams and cyber fraud, expressed full support for the issuance of the forthcoming circular.
“This policy reinforces consumer protection and safeguards the integrity of digital finance platforms in the Philippines,” Jocel de Guzman, co-founder of Scam Watch Pilipinas, said in a Viber message.
De Guzman said illegal online gambling platforms pose more than financial risk as they carry hidden malware.
“Apps and websites promoting unlicensed gambling often harbor spyware or keyloggers that can infiltrate users’ smartphones, compromising contacts, keystrokes, and even event permissions. Once installed, these malicious tools may steal credentials and drain funds from bank and e-wallet accounts. The prevalence of such threats is exacerbated by a surge in online scams linked to unlicensed gaming operations across Southeast Asia,” de Guzman said.
By banning gambling-related products on regulated digital marketplaces, de Guzman said the BSP “effectively seals off a major cybersecurity vulnerability.”
Scam Watch called upon Filipino digital users to exercise vigilance. “Avoid downloading unverified apps, refrain from clicking suspicious links promising guaranteed winnings, and always rely on regulated banks and EMIs for digital transactions. These steps are not only best practices—they are essential defenses against financial fraud and identity theft,” de Guzman said.
