MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has ordered all e-wallets and payment apps to remove links to online gambling platforms. The move is part of the Philippine government’s effort to curb the growing online gambling industry, which has raised concerns over addiction and financial difficulties for users.
Under the new directive, e-wallets and other digital payment platforms have 48 hours to comply with the order. BSP Deputy Governor Mamerto Tangonan confirmed this decision during a Senate hearing on Thursday.
E-Wallets’ Response to BSP Order
GCash, the country’s most popular e-wallet, valued at $5 billion, has assured users that it will comply with the BSP’s directive. In a statement, GCash confirmed that it will immediately implement changes to ensure compliance with the BSP order and protect its users.
Similarly, Maya, a fintech arm of PLDT Inc., also confirmed that it will take the necessary steps to remove online gambling links from its platform, as per the BSP’s guidance. Both companies emphasized that their services would remain secure and fully operational.
Online Gambling’s Impact on the Philippines
The rise of online gambling has been fueled by the widespread use of e-wallets, making it easier for individuals to access gambling platforms. However, this booming industry has raised significant social concerns, including gambling addiction and financial instability.
Market Reaction
Following the BSP’s order, shares of DigiPlus Interactive Corp., one of the top online gaming firms in the Philippines, dropped nearly 20% by the close of trading on Thursday. Despite this, the company reported a 30% profit increase in the second quarter, with significant growth driven by its retail games segment and new licenses.
Government Efforts to Regulate Online Gambling
The Philippine Senate is currently debating proposals to either restrict or ban online gambling due to its potential negative impacts on society. However, President Ferdinand Marcos Jr. has expressed concerns that such a ban could push the industry further underground, leading to increased illegal online betting.
Conclusion
As the Philippine government takes steps to regulate e-wallets and online gambling, the ongoing discussions and decisions could have significant impacts on the gambling industry and financial service providers in the country.
The BSP’s recent move signals a strong push for regulation, as lawmakers and financial firms work to address the challenges posed by the booming online gambling industry.
References:
- GMA News, “Philippine Central Bank Orders E-Wallets to Remove Online Gambling Links.“
- Bloomberg, “Philippine E-Wallets Under Scrutiny Amid Online Gambling Concerns.”
- Philippine Daily Inquirer, “Senate Pushes for Action on Online Gambling Industry Amid Growing Concerns.“
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