The Bangko Sentral ng Pilipinas issued a directive on 14 August ordering e-wallet and digital payment providers to remove all links and icons directing users to online gambling sites. This action follows a steep decline in Philippine Amusement and Gaming Corporation revenue from online gaming, which fell from ₱5.7 billion in May to ₱2.9 billion in September. The measure aims to curb easy access to gambling through popular platforms like GCash and Maya, as regulators confront a migration of players to unregulated sites and prepare stricter controls.
PAGCOR Faces Revenue Shortfall
PAGCOR's monthly income from online gaming halved over four months, contributing to year-to-date earnings of ₱40.57 billion against a ₱60 billion target for 2025. Online gambling accounts for about 60 percent of the agency's total income, making the sector critical to its financial goals. The delinking by e-wallets directly correlates with this downturn, underscoring how integrated payment systems fueled the industry's growth.
Players Shift to Illegal Platforms
Regulators report that some gamblers have moved to offshore illegal sites lacking deposit or top-up restrictions. The National Telecommunications Commission has blocked 93 percent of 13,399 such sites reported since 2022, yet evasion persists. This migration heightens risks of fraud, money laundering, and unchecked financial losses for users, prompting central bank intervention to protect the payments ecosystem.
Tighter Rules on the Horizon
BSP is finalizing a circular to impose limits on betting deposits and top-ups, restrict the use of online loans for gambling, and introduce self-disabling account features. These steps build on the August directive by addressing vulnerabilities beyond mere links, such as excessive funding mechanisms. Lawmakers are advancing bills to further limit or ban e-wallet promotion of gambling and enforce transaction caps, signaling a broader policy push against digital facilitation of high-risk betting.