The Bangko Sentral ng Pilipinas directed e-wallet and digital payment providers on 14 August to eliminate links or icons that lead users to online gambling sites. This measure arrives amid a steep decline in Philippine Amusement and Gaming Corporation revenue from online gaming, which fell from ₱5.7 billion in May to ₱2.9 billion in September. The policy signals a broader regulatory push to shield financial systems from gambling risks while PAGCOR faces pressure to meet its ₱60 billion gross gaming revenue target for 2025.
Declining Revenues Drive Urgent Measures
PAGCOR derives around 60 percent of its income from online gambling, making the revenue drop particularly acute. Regulators observe players shifting to illegal platforms, which erodes legitimate operations and complicates oversight. This financial strain coincides with the BSP's directive, reflecting coordinated efforts to stabilize the sector and protect consumers from unchecked digital access to gambling.
Tighter Controls on Digital Payments Emerge
The BSP's order targets the integration of gambling promotions within everyday financial apps, a practice that blurred lines between payments and high-risk activities. Providers must now scrub these elements to prevent seamless transitions from wallets to wagers. Philippine financial authorities have long balanced innovation in fintech with safeguards against money laundering and addiction, and this step reinforces deposit accountability.
Upcoming Rules Signal Deeper Reforms
BSP plans additional restrictions, including limits on deposits for gambling, curbs on using loans for bets, and options for users to disable accounts voluntarily. These features aim to mitigate personal financial harm while addressing systemic vulnerabilities in digital ecosystems. As online gambling evolves, such policies highlight tensions between economic contributions from gaming and the need for robust consumer protections in a cashless economy.
