Manila: The Bangko Sentral ng Pilipinas (BSP) is evaluating strategies to restrict public access to online gambling as a measure to safeguard consumers from potential risks associated with these services. In a recent statement, the BSP announced that it has circulated a draft document among stakeholders, which proposes that banks and electronic money issuers enhance their customer protection measures.

According to Philippines News Agency, one of the strategies under consideration involves limiting access to online gambling sites or applications. The BSP emphasized its collaborative approach in developing the circular, aiming to balance consumer protection with maintaining access to digital payments for licensed businesses.

This initiative follows previous BSP decisions to bar regulated firms from engaging with unlicensed gambling operators. Additionally, electronic wallet providers and other BSP-supervised institutions have been instructed to disconnect links to electronic sabong platforms after the national government halted all e-sabong operations.

The central bank reiterated that these actions are part of its broader efforts to protect consumers and maintain financial stability. "The BSP remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos," it stated.