The Central Bank of the Philippines has been developing rules to impose stricter safety protocols for online gambling platforms.
According to bank officials, the institutions is taking action to protect financial consumers from risks associated with online gambling.
Online gambling – a rising problem in the Philippines
The online gaming industry in the Philippines developed and thrived during the administration of former President, Rodrigo Duterte, between 2016-2022. During his mandate, hundreds of gambling companies were officially registered, counting for 500,000 foreign workers and supporting other related businesses.
However, the booming industry of gaming and gambling has led to numerous calls to regulate or even ban the sector, amid concerns over increased addiction and financial problems for active players.
The need for regulation
The Philippines’ current President, Ferdinand R. Marcos, Jr. has claimed that the fast digitalisation of the country contributed to making online gambling not only more accessible but also more destructive to citizens. On a similar note, the President is willing to support taxation and regulation in the sector.
The Department of Finance of the Southeast Asian country has already proposed a tax on online gambling, and is looking into other potential measures to limit the public’s access to digital gambling platforms, including imposing limits on playing time or cash-in.
The central bank is finalising its new rules, developed after public consultation, and aims to require e-wallets, banks, and other financial service providers to adopt stronger measures to fight against the devastating effects of online gambling.
