How the BSP's upcoming rules could make or break online gambling

WHAT STARTED as a free-for-all for online gambling is about to get some serious house rules from the central bank.

- By Pierce Oel A. Montalvo

Last July, the Bangko Sentral ng Pilipinas (BSP) released a draft circular introducing comprehensive regulations for online gambling payment services.

The draft circular represents the regulator's assertive stance on online gambling. Should it become regulation, providers, operators, and consumers alike will be met with drastic changes in the gambling industry.

Then, in August, the central bank ordered to remove in-app gambling links from e-wallets.

"The BSP directive is issued in light of the surge in online gambling transactions and its impact on the financial health of consumers and their families," the central bank said in a statement.

The central bank's intervention followed growing alarm from lawmakers and health experts over online betting's devastating impact. The Aug. 14 order gave financial firms 48 hours to remove links redirecting users to gambling websites.

"The Monetary Board has approved our policy ordering BSP-supervised institutions to take down all icons and links redirecting to online gambling sites," BSP Deputy Governor Mamerto E. Tangonan said during a Senate committee hearing on online gambling in August.

The new draft circular goes further, aiming to build comprehensive regulatory walls rather than simply patching leaks. BSP said the suspension would remain in place until guidelines for online gambling payment services are finalized.

"It is finalizing new rules, developed following public consultation, that will require banks, e-wallets, and other financial service providers to adopt stronger safeguards against gambling-related harm," the central bank said in a statement dated Aug. 7.

The scale of the challenge is substantial. According to Philippine Amusement and Gaming Corp. (PAGCOR), gaming industry gross gaming revenues jumped 26% to P214.75 billion in the first half of 2025. Electronic games drove this growth with a 53.47% increase in gross revenues to P114.83 billion.