Manila: Senate Majority Leader Joel Villanueva has urged the Bangko Sentral ng Pilipinas (BSP) to enhance its regulatory oversight of online lending platforms amid rising concerns over their potential ties to cybercrimes and online gambling activities.

According to Philippines News Agency, Villanueva emphasized the need for strict monitoring of digital financial platforms, including online lending apps, e-wallets, and digital banks, to support the government's efforts to eliminate illegal online gambling. Villanueva aims for a comprehensive ban on these activities, citing the detrimental impact on the population's financial well-being.

Villanueva highlighted observations by the Presidential Anti-Organized Crime Commission (PAOCC) that link the increase in cybercrimes to the growth of online gambling and lending apps. He called on regulatory agencies to bolster their oversight to aid law enforcement in curbing the rampant use of online gambling platforms.

Expressing concern over reports of former Philippine offshore gaming operations (POGOs) employees moving to online gambling and seeking licenses from the Philippine Amusement and Gaming Corporation (PAGCOR), Villanueva questioned PAGCOR's screening and monitoring processes. He also raised doubts about the effectiveness of PAGCOR's 'responsible gambling' advocacy.

PAOCC Executive Director Gilberto Cruz reported that some overseas Filipino workers, having lost savings to online gambling, have resorted to online lending apps, further exacerbating their financial difficulties.

Earlier this month, Villanueva introduced Senate Bill No. 47, proposing a total ban on online gambling and the repeal of all related laws, executive orders, and regulations. The bill stipulates penalties for individuals and corporate officers involved in online gambling, including imprisonment and fines.