Makati city: Taxing electronic wallet providers for online gambling is not within the tasks of the Bangko Sentral ng Pilipinas (BSP) but a policy is now under study to regulate the digital marketplace, an official said Tuesday. 'This is something for DOF (Department of Finance) to determine. Taxation matters are not within the purview of the BSP,' BSP Deputy Governor Chuchi Fonacier told reporters on the sidelines of the Chamber of Thrift Banks (CTB) convention in Makati City.
According to Philippines News Agency, Fonacier said they are currently 'still evaluating internally' a draft policy on digital marketplace guidelines, which has been exposed to stakeholders to get their insights. Among others, the draft Circular prohibits products and services related to gambling activities such as online gambling casinos, online betting, electronic gaming, 'or any activities that could undermine the reputation of the marketplace participants and the financial system.'
"We prohibited it in the first draft but then of course, there were appeals from, you know, other sectors as well, and so we're in the process of really considering. That's the part that was appealed,' Fonacier said. Malaca±ang is now studying DOF's proposal to tax online gaming, a move aimed at addressing access to gambling by the general public.
Lawmakers have also proposed measures to ban promotion of online gaming through e-wallets, to set age limit on who can access these games, and to set bets ceiling, citing its burden on a lot of families. Digital platforms have driven gaming industry revenues in the first quarter of 2025, the Philippine Amusement and Gaming Corporation (PAGCOR) reported earlier.
PAGCOR said gross gaming revenues (GGR) registered an annual growth of 27.44 percent in the first three months this year to PHP104.12 billion. 'The e-games and e-bingo segment made history by becoming the industry's top revenue driver for the first time, contributing PHP51.39 billion or 49.36 percent of the total first quarter GGR,' PAGCOR chairman and chief executive officer Alejandro Tengco said.
