The Philippines Central Bank (BSP) has proposed a series of tighter regulations aimed at curbing the risks associated with online gambling, beginning with payment service providers (PSPs).
These measures come in response to growing concerns about the social and financial harms of iGaming, which critics say are fueling addiction and debt among Filipino families.
Citing reports like The Straits Times’ “Online gambling boom – and doom,” the BSP has put forward rules to restrict digital payment use for gambling, including daily transfer limits for bettors and stronger due diligence requirements. The central bank’s draft circular states that these reforms are essential to maintaining a secure and responsible retail payments system.
Under the new framework, PSPs would need bank authorization to operate in the gambling space and must meet key standards:
Hold a minimum capitalization of PHP300 million (approx. $5.29 million).
Implement strong anti-money laundering (AML) and counter-terrorism financing (CTF) controls.
Form board-level AML/CTF compliance committees.
Submit monthly or on-request reports detailing iGaming activity.
Limit users to 6 hours of play daily with a 24-hour cooling-off period after heavy use.
Additionally, PSPs would be prohibited from directing users to gambling platforms and must block access for certain groups, including individuals under 21, students, military personnel, government workers, law enforcement, and welfare recipients.
President Ferdinand Marcos Jr., who previously banned offshore gaming operations, is now considering a “sin tax” on online gambling, while the national regulator PAGCOR has expressed support for stricter advertising controls – but not for a full ban. Meanwhile, church leaders and lawmakers continue to call for the industry’s abolition.
Bishop Cardinal Pablo Virgilio David condemned the normalization of online gambling, saying it now reaches into private homes and even children’s lives. He criticized PAGCOR’s stance as hypocritical, accusing the agency of enabling inland online gambling while decrying offshore operators.
Fintech Alliance Philippines, which includes major platforms like GCash and Maya, has expressed full support for the BSP’s initiatives. Chair Lito Villanueva pledged the group’s cooperation with regulators to combat illegal platforms and protect consumers.
The BSP is accepting public feedback on the proposed rules until 25 July.
