The government is proposing stricter regulations for online gambling instead of an outright ban, as suggested by certain sectors.
Secretary Frederick Go of the Office of the Special Assistant to the President on Investments spoke at the EJAP Economic Forum in Manila on Monday.
Regulations such as stricter Know-Your-Customer (KYC) protocols and the imposition of minimum entry points and minimum bets “are a few things that are possible,” Go told a gathering of business journalists and editors.
“All platforms can enforce stricter KYC to ensure that no one below 21 years old will be allowed to gamble,” Go said.
He cited KYC screening as a tool that can also be applied to government employees, who are legally prohibited from gambling.
Go added that another requirement could be the submission of a national ID for a player to fully register on any platform.
“The KYC can be very effective. We can also identify if you’re a prohibited individual, then you can be barred from the platform,” he said.
Another form of control that can be seriously considered is raising the minimum bet and entry point, similar to what casinos in Singapore are implementing, the presidential adviser noted.
“For example, you cannot enter a platform with P100 and make a P100 bet, because that means you’re wagering everything you have. So there has to be a minimum entry level. You can also have a minimum single bet. Those are examples of regulations that we can improve,” Go explained.
The Bangko Sentral ng Pilipinas (BSP) earlier said it will soon issue stricter rules on online gambling to curb addiction, prevent fraud, and protect financial consumers, especially those in vulnerable sectors. The draft rules will apply to banks and e-wallets, the BSP said.
Based on the BSP’s draft guidelines, eligible account holders must be at least 21 years old; must not be a student at any school, college, or university; must not be a government official; and must not be a member of the Armed Forces of the Philippines—including the Army, Navy, Air Force—or the Philippine National Police.
Several lawmakers and certain church groups have denounced online gambling as the root of evil.
