The Bangko Sentral ng Pilipinas ( BSP ), the Philippines’ central bank, says it is mulling new regulations that will require financial institutions ( FIs ), such as digital wallets and e-money issuers, to implement safeguards that will protect consumers from risks linked to online gambling.

The BSP has issued a draft circular and is currently in the process of reviewing feedback from stakeholders.

The move comes after several local personalities, including a prominent Catholic cardinal, called out the government over the perceived lack of protections and regulations on online gambling, and the ease by which players can lose money on these platforms.

While online gambling websites usually require users to be over 18 years old to play, Fintech Alliance Philippines, an industry group, admits that underage users have been able to access such sites fairly easily. The group supports calls for strengthened regulations, specifically on the use of fintech solutions to access online gaming platforms.

Under its draft circular, the BSP says any new guidelines will apply to BSP-supervised institutions ( BSIs ), including banks, digital wallets and electronic money issuers. Protections may include putting in place limits to access or spending on gambling-related activities.

Should the new regulations be put in place, it will not be the first time that the BSP has taken steps to curb access to digital-based games.

In 2021, the central bank issued an order barring financial institutions from engaging with unlicensed gambling operators; and in 2022, the BSP required e-wallets and other BSIs to remove links to e-sabong or online cockfighting platforms, following the government’s decision to suspend all electronic cockfighting activities in the country.

“The BSP,” it says, “is taking a collaborative approach to crafting the circular, to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses.”

Other than the central bank, the country’s finance ministry also says it is mulling the possible taxation of the online gaming sector.