BSP to e-Wallet Providers: Cut Ties with Online Gambling Sites

BSP to e-Wallet Providers: Cut Ties with Online Gambling Sites

By Bing Jabadan – TheNationWeek.Com  |  August 15, 2025

MANILA, Philippines – In response to a significant rise in online gambling addiction, the Bangko Sentral ng Pilipinas (BSP) has ordered e-wallet providers to cut ties with online gambling sites within a 48-hour timeframe.

The move came after a Senate inquiry on Thursday (Aug. 14, 2025) that underscored the urgent need to address the gambling crisis in the country, made easy through access to mobile payment applications.

BSP Deputy Governor Mamerto Tangonan announced the directive to immediately limit the reach of online gambling, a situation senators attribute to aggressive social media marketing and the convenience of e-wallet transactions.

“We have given a 48-hour deadline for banks and financial institutions to eliminate these connections to gambling platforms,” Tangonan declared, adding that this would allow users to withdraw their funds during the period.

The Senate inquiry revealed concerning statistics: approximately 32 million Filipinos are now engaged in online gambling, marking an astonishing 291% increase since 2024.

The COVID-19 pandemic has significantly contributed to this surge, with online gambling participants soaring from 482,000 in 2020 to over 2.4 million in 2023.

While detailed demographic data is scarce, anecdotal evidence indicates that delivery riders, salon workers, and other gig economy employees are now particularly susceptible to gambling.

The relentless stream of online gambling advertisements on social media further compounded the issue.

Senators questioned the timing and the effectiveness of the BSP measures.

Sen. Alan Peter Cayetano, chair of the Senate committee on banks, financial institutions, and currencies, expressed concern that the 48-hour window may not be adequate for those grappling with addiction.

“If someone suffers due to addiction within those 48 hours, is that acceptable? Or is it merely a matter of lost profits?” he asked.

Sen. Erwin Tulfo, chair of the Senate games and amusements committee, warned that he would consider holding Tangonan in contempt if digital wallets continued to support online gambling after the deadline.

“We are facing a serious crisis,” he said.

Sen. Sherwin Gatchalian called for a complete cutting of ties between digital wallets and online gambling, regardless of licensing status.

“It’s simple: we must not permit banks and e-wallets to be linked to online gambling, whether legal or illegal. Our demand is for a total disconnection,” he pointed out.

Major e-wallet providers such as GCash and Maya have committed to adhering to the BSP’s guidelines.

Maya announced it would implement necessary changes, while GCash expressed its intent to “fully comply.”

Tulfo said he would summon digital wallet providers to another hearing to discuss their role in stopping gambling addiction.