Manila: The Bangko Sentral ng Pilipinas (BSP) is finalizing new rules that will protect consumers from the risks associated with online gambling. In a statement Thursday, the BSP said the upcoming measures would include strict identity verification, including biometric checks, such as facial recognition, to ensure that only eligible individuals can use their funds for online gambling.

According to Philippines News Agency, daily limits on gambling-related transfers to reduce excessive financial losses will also be included in the new rules. The BSP said the upcoming measures would also include time-based restrictions on gambling payments to help curb impulsive behavior and user tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.

The new rules were developed following public consultation that will require banks, e-wallets, and other financial service providers to adopt stronger safeguards against gambling. "These safeguards aim to reduce the risks of addiction, fraud, and financial harm, while promoting the responsible use of digital financial services," the BSP said.

"The BSP remains committed to maintaining a safe, secure, and inclusive digital finance ecosystem for all Filipinos."