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MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is finalizing new rules that will require stronger safeguards against “gambling-related harm.”
The BSP said in a statement it is taking action to protect financial consumers from the risks associated with online gambling.
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Also, the regulator added that the new rules are drawn up after public consultation and will apply to banks, e-wallets and other financial service providers that the BSP supervises.
READ: Online gambling and erosion of social checks
The central bank said the upcoming measures will include:
Strict identity verification, including biometric checks, such as facial recognition, to ensure only eligible individuals can use their funds for online gambling,
Daily limits on gambling-related transfers to reduce excessive financial losses,
Time-based restrictions on gambling payments to help curb impulsive behavior, and
User tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.
The BSP said safeguards aim to reduce the risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services.
READ: Tax on online gambling possible by end-2025
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“The BSP remains committed to maintaining a safe, secure, and inclusive digital finance ecosystem for all Filipinos,” it added.
/rwd
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