Doubts raised about proposed BSP curbs on online gambling

THE proposed rules floated by the Bangko Sentral ng Pilipinas (BSP) to regulate the participation of payments services in online gambling are unlikely to change problematic behavior among gamblers, according to a senior lawyer.

- By Luisa Maria Jacinta C. Jocson Senior Reporter

Geronimo Law founder and Managing Lawyer Russell Stanley Q. Geronimo said in a commentary that some of the institutional compliance provisions of the BSP circular "while necessary, are unlikely to change or curb harmful gambling behavior among vulnerable users or alter the supply-side conditions that enable it."

The BSP recently released a draft circular to regulate the payments side of online gambling to deter the misuse of financial services.

The booming gaming industry in the Philippines is now drawing heightened scrutiny amid concerns over rising addiction and financial problems.

The Department of Finance (DoF) has proposed a tax on online gaming, as well as other possible measures to crimp the public's access to digital gambling platforms, such as imposing limits on cash-in.