THE BANGKO SENTRAL ng Pilipinas (BSP) is still studying further regulations to help curb risks related to e-gambling, as the proliferation of illegal sites could derail the country’s anti-money laundering efforts.
BSP Governor Eli M. Remolona, Jr. said the central bank can do more to tighten safeguards on e-gambling, after it ordered all electronic wallet providers to remove in-app gambling assets.
“We’re still studying it. Basically, as before, we just want to put sand in the wheels. Marami pang pwedeng gawin (There’s more that can be done)… along the same lines,” he told reporters on the sidelines of the 2025 Manila Tech Summit in Taguig City.
Following the BSP’s order, e-wallets, banks, and its other supervised institutions have removed links that would direct users to gaming or gambling websites.
Asked if the rise of e-gambling could affect the Philippines’ efforts to remain out of the Financial Action Task Force (FATF) “gray list,” Mr. Remolona replied: “Yes, but this will be resolved.”
He said illegal gambling sites will be addressed by the Department of Information and Communications Technology.
In February, the FATF removed the Philippines from its list of jurisdictions under increased monitoring for “dirty money” after over three years or since June 2021.
The next assessment is slated for 2027, when the FATF will verify if the country’s anti-money laundering measures are being sustained and still in place.
In June, the European Commission removed the Philippines from its list of “third countries” flagged with “high risk” of money laundering and terrorism financing.
“Exiting the FATF gray list and EU’s (European Union) high-risk list this year was not just compliance, it was a global validation,” Fintech Alliance.PH Chairman and Rizal Commercial Banking Corp. Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva said in a speech during the Tech Summit.
Mr. Villanueva said the organization condemns the misuse of digital payment platforms for e-gambling.
“We uphold a zero-tolerance policy against the misuse of digital payment platforms for illegal businesses, especially online gambling,” Mr. Villanueva said. “Consumer protection and industry integrity are nonnegotiable.”
In recent years, e-wallets have helped fuel the popularity of gambling websites after integrating gambling-related services in their apps, making it easy for users to access online casinos.
However, concerns over rising gambling addiction and mounting debt have prompted lawmakers and regulators to consider measures to ban or restrict online gambling in the country.
Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the government risks losing its “hard-won gains” against money laundering if it has no clear action on unregulated e-gambling platforms.
“The rapid growth of online gambling, especially through unregulated platforms, poses a real threat to the Philippines’ progress in exiting the FATF gray list,” Mr. Asuncion said in a Viber message. “Weak KYC (know-your-customer) controls and cross-border anonymity make it a prime channel for illicit financial flows.”
He also noted that the BSP should finalize its regulations on gambling-related financial activity to curb its potential impact on the country’s anti-money laundering efforts.
“To safeguard our AML standing, the BSP must tighten oversight of e-gambling transactions — enforcing stricter KYC, banning unlicensed operators, and finalizing rules that flag or restrict gambling-related financial activity,” Mr. Asuncion said.
“Collaboration with fintechs (financial technology) and legislative support will be key to closing regulatory gaps,” he added.
The BSP is still finalizing new rules to mitigate gambling-related harm by strengthening financial safeguards across banks, e-wallets, and payment platforms.
The central bank had also proposed measures such as biometric ID checks, daily transaction limits, time-based payment restrictions, and user tools for spending caps, voluntary breaks, and self-exclusion.
It said these safeguards aim to curb addiction, fraud, and financial harm while encouraging responsible use of digital finance. — Katherine K. Chan