BSP to Enforce Tighter Consumer Protections for Online Gambling
The Bangko Sentral ng Pilipinas (BSP) is in the final stages of rolling out comprehensive financial safeguards aimed at addressing the risks tied to online gambling. Following a period of public consultation, the central bank’s upcoming rules will soon apply to banks, e-wallet providers, and all other BSP-supervised financial institutions.
Enhanced Identity Verification and Spending Controls
A core feature of the new regulatory package is stricter identity verification for gambling-related transactions. The BSP will require financial institutions to integrate advanced authentication measures such as biometric scanning and facial recognition. These steps are intended to ensure that only eligible individuals are able to access their funds for betting activities.
The framework will also introduce daily transaction limits for gambling payments. The central bank described these spending caps as a means to “prevent substantial financial losses and curb harmful spending behavior.”
In its official statement, the BSP said, “The BSP is taking action to protect financial consumers from the risks associated with online gambling.”
The restrictions go beyond just monetary thresholds. Time-based controls on gambling transactions will be implemented, and financial service providers will need to give customers access to self-management tools. These will include voluntary spending limits, temporary account time-outs, and self-exclusion mechanisms designed to block access to gambling services when needed.
“These safeguards aim to reduce the risks of addiction, fraud, and financial harm, while promoting the responsible use of digital financial services,” the BSP added.
Consumer-Centric Regulation Built on Public Feedback
The BSP noted that these measures were informed by feedback collected during public consultations. Officials have positioned the initiative as part of a broader strategy to keep digital financial services in the Philippines both safe and inclusive.
With online gambling increasingly accessed through smartphones and digital wallets, the central bank’s forthcoming framework aims to directly address concerns over financial instability, problem gambling, and fraudulent activity in the sector.
“The BSP remains committed to maintaining a safe, secure, and inclusive digital finance ecosystem for all Filipinos,” the institution stated.
Industry Support for Risk-Based Oversight
The initiative has been well-received within the financial technology community. Lito Villanueva, Founding Chair of FinTech Alliance Philippines, described the regulations as both timely and essential. He cited the growing vulnerability of younger demographics and other at-risk groups in the rapidly evolving digital space.
Villanueva recommended that regulatory efforts adopt a broader, risk-based strategy. In his view, effective oversight should extend beyond simply blocking transactions to include real-time monitoring systems, stronger onboarding procedures for customers, and classification of high-risk merchants.
Wider Government Actions Under Review
The BSP’s move comes as the Department of Finance undertakes its own review of policies governing online gambling. Officials are considering revisions to tax structures and operational fees for licensed platforms, suggesting that national policy changes may be on the horizon.
As the central bank finalizes its rulebook, the Philippines is preparing to introduce a more structured approach to online gambling oversight. The measures are intended to strike a balance between consumer protection and the continued growth of the digital finance sector, ensuring that innovation in the iGaming space is matched by robust safeguards.
Source:
BSP Nears Completion of Online Gambling Safeguard Rules, LCB.org, August 10, 2025.