The Bangko Sentral ng Pilipinas (BSP) has mandated that e-wallet platforms remove in-app links to online gambling sites within a 48-hour timeframe.
The BSP confirmed that an order was issued, directing BSP-supervised financial institutions (BSFIs) to remove icons and links from their mobile payment applications and websites.
Consumer impact and withdrawal period
Furthermore, the BSP officials announced that they have granted a 48-hour period for BSFIs to remove in-app links or icons that lead to online gambling sites. Additionally, this time frame allows consumers to withdraw their funds from online gaming accounts before access is restricted from e-wallet applications.
Officials from the Senate Committee on Banks, Financial Institutions, and Currencies expressed their concerns regarding the timing of the Bangko Sentral ng Pilipinas (BSP) directive, which mandated that digital wallet platforms remove their links just a day before the Senate hearing on the issue of addiction.
Even more, according to the representatives, the central bank is deficient in “political will” to directly mandate the digital wallet to separate its applications from online gambling platforms. There were also concerns raised about whether a 48-hour timeframe is sufficient to prevent addiction. If someone were to die within that period due to addiction, is that acceptable? Or is it simply a matter of lost profits?
Officials from the Senate Games and Amusements Committee announced that online gambling games should no longer be visible, and that no links of any kind will be available on e-wallets.
Compliance from e-wallet providers
E-wallet GCash and digital lender Maya have pledged to adhere to the BSP’s directive to eliminate links to online gambling from their mobile apps.
In a statement, Maya confirmed that the update will be implemented following the BSP’s recommendations, reassuring customers that their accounts and transactions will remain secure and fully functional.
According to findings from the hearing by the Senate games and amusements committee, approximately 32 million Filipinos, nearly one-third of the country's population, are engaged in online gambling. This revelation has raised concerns among senators regarding the social issues associated with this addictive and potentially financially devastating activity.
