US EditionStricter Gambling Payment Rules Eyed - BusinessWorld Online
PHILIPPINES, JUL 12 – The Bangko Sentral ng Pilipinas aims to strengthen protections against gambling addiction by enforcing daily transfer caps and strict compliance for payment providers, with penalties up to ₱1 million per violation.
- The Philippines' central bank has released a draft circular proposing enhanced oversight and stricter rules on payment services related to online gambling starting in 2025.
- The draft circular responds to concerns about addiction, financial risks, and illegal gaming pushed by senatorial pressure and tightened financial controls.
- The proposed rules require PSPs to have at least P300 million capitalization, set a daily transaction window no longer than six hours, and impose heavy usage alerts.
- Violations could lead to P1 million fines per transaction, suspension of payment services, mandatory disabling of lending options, and limits denying gambling ads without user consent.
- These regulatory efforts aim to curb misuse of financial services related to online gambling, with coordinated support from the Department of Finance and industry groups committing to compliance.
14 Articles
14 Articles
BSP mulls increase in Instapay's P50,000 limit per transaction
The Bangko Sentral ng Pilipinas (BSP) is looking to increase the P50,000 limit per transaction under the InstaPay electronic fund transfer payment system, given the increasing demand from the public, an official said Tuesday.
Group sets measures for stricter regulations on online gaming
SAYING it is one with the government in protecting Filipino consumers, an alliance of digital finance firms has come up with measures as part of its efforts to implement stricter rules on online gaming.Lito Villanueva, founding chairman of FinTech Alliance PH, the country’s leading association of digital finance companies, said on Tuesday that his group had set a plan of actions aimed primarily at enhancing regulatory measures not only for licen…
BSP wants daily limits to online gambling payments
MANILA, Philippines – The Bangko Sentral Pilipinas (BSP) is proposing tighter regulations that will limit the use of digital payment platforms for online gambling, including a daily cap on fund transfers for bettors and heightened due diligence for operators of e-games. The BSP is consulting stakeholders on a draft circular that seeks to add rules
Stricter gambling payment rules eyed - BusinessWorld Online
THE Bangko Sentral ng Pilipinas (BSP) is seeking to tighten regulations on online gambling payments to prevent the misuse of financial services and implement closer monitoring over the sector. The central bank posted a draft circular on its website which aims to establish regulations on online gambling payment services. The proposed rules aim to “promote responsible use of digital financial services, strengthen financial consumer protection, uph…
The leader of the Catholic Church has once again criticized the government regarding the problem of online gambling in the country. According to Kalookan Bishop Pablo Virgilio Cardinal David, President of the Catholic Bishops’ Conference of the Philippines (CBCP), the government has played a major role in the spread of online gambling. He said it is painful that government agencies such as the Philippine Amusement & Gaming Corporation or PAGCOR …
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