Insider Spotlight
Why it matters:
The initiative aims to curb potential financial harm to consumers by limiting their exposure to unlicensed or unregulated gambling services, including those previously accessible through e-wallets and mobile apps.
In a statement issued Thursday, July 3, 2025, the BSP said it is consulting industry stakeholders to strike a balance between user protection and maintaining access to legitimate digital payment services.
Context:
This forthcoming policy builds on BSP Memorandum No. M-2022-026, which ordered all BSP-supervised financial institutions (BSFIs) to remove e-sabong (electronic cockfighting) operators from their merchant lists after President Duterte suspended e-sabong operations effective May 3, 2022 .
“The BSP reiterates that BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency,” the memorandum stated .
The BSP gave users 30 days to withdraw remaining balances from their e-sabong accounts and ordered BSFIs to sever all digital links between these accounts and e-wallets thereafter.
The big picture:
The BSP’s updated guidelines are expected to enhance customer due diligence, strengthen transaction monitoring, and restrict access to gambling platforms for minors, public employees, and other vulnerable groups.
This forms part of the central bank’s broader push for a safe and inclusive digital finance ecosystem.
— Edited by Daxim L. Lucas
