BSP tightens grip on e-wallets amid online gambling crackdown

The Bangko Sentral ng Pilipinas (BSP) is preparing to enforce stricter controls on how e-wallets are used for online gambling, responding to rising political and public concern over its social and financial toll.

In a statement released Thursday, 7 August, the central bank said it is finalising a framework that would require financial service providers - from banks to e-wallet platforms - to introduce “stronger safeguards against gambling-related harm.”

“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.

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Among the incoming measures are biometric checks such as facial recognition to verify user identities, daily transaction limits, and time-based payment restrictions designed to temper impulsive behaviour. The BSP also intends to mandate self-management tools that would allow users to set personal spending caps, take voluntary breaks, or self-exclude from gambling-related transactions altogether.

The move comes amid intensifying national debate over the impact of online gambling. President Ferdinand Marcos Jr., along with several lawmakers, has voiced concern over its societal effects, pointing to links with addiction, family breakdown, and financial instability.

While some senators have gone so far as to call for an outright ban - framing online gambling as a threat to minors and vulnerable households - industry advocates warn that prohibition could backfire. They argue it would endanger jobs, dismantle consumer protections, and deprive the state of a significant revenue stream.

The Philippine Church has also waded in, denouncing online gambling as a “public health crisis.”

As platforms race to meet compliance, the new rules may well reshape how financial brands market themselves - not only through promises of speed and ease, but also through demonstrable safeguards and ethical positioning.

The BSP’s move follows a broader tightening of gambling-related marketing in the Philippines. As previously reported by MARKETING-INTERACTIVE, the Philippine Amusement and Gaming Corporation (PAGCOR) has ordered all gambling advertisements to be stripped from public spaces by 15 August, marking a dramatic shift in visibility for what was once one of the fastest-growing ad categories across Metro Manila.

While some in the industry see the ongoing clean-up as a chance to reframe gambling promotion with responsibility and restraint, others argue that as long as online access remains unchecked, out-of-home advertising bans alone may not curb harm.

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