The Bangko Sentral ng Pilipinas (BSP) is preparing a new set of regulations designed to strengthen consumer protection against the financial risks posed by online gambling, according to The Inquirer.
Following extensive public consultations, the draft rules will apply to all BSP-supervised institutions, including commercial banks, e-wallet providers, and other financial service operators. This initiative forms part of the central bank’s broader push to promote responsible financial behaviour in an increasingly digital economy.
Stricter Verification and Identity Checks
One of the most notable proposals involves stricter identity verification, using advanced biometric tools such as facial recognition. By doing so, the BSP aims to ensure that only eligible individuals can conduct gambling-related transactions. This step is expected to reduce the likelihood of impulsive spending and limit the financial fallout linked to addiction.
Furthermore, under the proposed framework, financial service providers will need to offer users additional safeguards. These include personal spending caps, temporary account freezes, and the option to self-exclude entirely from gambling-related activities. Notably, other planned measures involve daily transaction limits and time-based restrictions for gambling payments, creating multiple layers of protection.
Balancing Innovation and Public Interest
The BSP emphasised that these measures are not solely about regulation but also about empowering consumers to make informed choices. As more Filipinos turn to digital financial services, the risks associated with addiction, fraud, and financial distress grow more complex, requiring proactive oversight.
In its statement, the BSP reaffirmed its commitment to fostering a secure and inclusive digital finance ecosystem. The central bank stressed that responsible governance is essential to balancing innovation with public interest, especially as technology and consumer habits continue to evolve.
Ultimately, these upcoming rules signal the BSP’s intent to support digital economy growth while keeping financial well-being at the forefront.
