#BSP online gambling rules

The Philippine Amusement and Gaming Corporation (PAGCOR) reported a 49% decline in revenues following the removal of online gambling links from major e-wallet platforms such as GCash and Maya in August. She attributed the drop to the Bangko Sentral ng Pilipinas (BSP) directive ordering payment platforms to remove icons and links that redirected users to online gambling sites. The BSP issued the order on August 14, following a Senate inquiry into stricter regulations or a potential ban on online gambling. She added that the regulator has also observed a decline in new online gambling players since the directive took effect. Lawmakers also questioned e-wallet providers about their previous earnings from online gambling transactions. The BSP said it is finalizing new regulations for e-wallets and banks that will include limits on betting amounts, restrictions on gaming top-ups, and a ban on using online loans for gambling. The revenue decline underscores the growing impact of financial regulations on the country’s online gambling industry and the government’s ongoing effort to curb its social and economic risks. The Cybercrime Investigation and Coordinating Center (CICC) has recommended that the Philippine National Police Anti-Cybercrime Group (PNP-ACG) file charges against social media personality Jam Magno for allegedly promoting illegal online gambling sites. Read more in our articles including "PAGCOR revenue drops nearly half after e-wallets cut gambling links" and "CICC recos filing of illegal online gambling cases against Jam Magno, 9 other influencers".