BSP Orders E-Wallets to Cut Ties with Online Gambling Sites Within 48 Hours

The Philippine Central Bank, also known natively as Bangko Sentral ng Pilipinas (BSP), has given all e-wallet providers a 48-hour deadline to disconnect their platforms from online gambling websites.

BSP Sets Ultimatum for E-Wallets

BSP Deputy Governor Mamerto Tangonan disclosed the matter during the Senate Committee on Games and Amusements hearing on Thursday, stating that the order was issued that same day. He assured the committee that by Sunday, e-wallets would no longer be linked to online gambling platforms. Tangonan stated that the Monetary Board of the BSP had approved a policy instructing BSP-supervised institutions to remove all icons and links that redirect users to gambling websites.

During the hearing, data revealed thousands of illegal online gambling sites operating in the country. Among these, most were various online casinos, some were offshore platforms, and there was also a significant number of betting sites dedicated to online sabong (cockfighting).

This isn’t the first time the BSP has proposed legislation to limit online gambling transactions. Just last month, the bank suggested daily limits on online gambling payments in an effort to protect users from developing harmful gambling habits.

Some Criticize the Ultimatum

The BSP’s new proposal did not come without opposition. Senator Alan Peter Cayetano was one of the critics of the bank’s ultimatum as he appeared dissatisfied with the timing of the BSP’s directive. He stressed the seriousness of the hearing, stating that it was not a joke and questioning whether the officials were being honest with themselves. He asked if the public could indeed expect all gambling links to be removed within 48 hours, to which the BSP official responded affirmatively.

Cayetano went on to question the necessity of the 48-hour timeframe, suggesting that the removal should be immediate. He pointed out that the technical staff of e-wallet providers should be capable of executing such actions right away, and questioned whether the delay was effectively just allowing two more days of operation.

In addition, panel head Senator Erwin Tulfo also raised concerns about the BSP’s 48-hour directive. He asked whether the committee could expect that, by the end of Saturday, all games would no longer be linked to e-wallet platforms.

He emphasized that by Sunday morning, no such links should remain, warning that if any were still found, he would consider citing the responsible parties for contempt. Tulfo stressed that the committee’s proceedings should be taken seriously, noting that the situation represents a significant crisis.

Senate Majority Leader Joel Villanueva also expressed his objection to the BSP’s 48-hour directive, arguing that the Central Bank’s justification for the timeframe was insufficient. He pointed out the inconsistency in the BSP’s claim by referencing a statement from Assistant Secretary Paraiso, who indicated that the removal of gambling links could be done immediately. Villanueva maintained that the need for a 48-hour window was not adequately justified.