In a stern exercise of its regulatory prerogative, the Bangko Sentral ng Pilipinas ( BSP ) has ordered all e-wallet providers, banks, and other BSP-supervised financial institutions ( BSFIs ) to remove in-app links and icons that redirect users to online gambling platforms within 48 hours.

Mamerto Tangonan, a deputy governor at the Philippine central bank, announced the directive during a Senate hearing on Wednesday ( August 13 ), providing a brief window for financial institutions to remove links to online gambling sites and for customers to withdraw any funds still in their accounts. 

“We want to give time to BSP institutions to take down in-app links and icons to online gambling sites so that we will also provide time for the customers to withdraw their funds from [their] online gaming account,” Tangonan says.  

Tangonan assured lawmakers that by Sunday morning, e-wallets and other BSFIs would no longer link out to any online gambling websites or applications.

The hearing itself was convened after the government was called out over a perceived lack of protections and regulations on online gambling, and the ease with which players, mostly low-income citizens, can lose money on these platforms, with some critics claiming anecdotally that suicide rates have risen due to massive losses to these online gambling sites.

On the other hand, online gambling has contributed much to the government coffers. In 2024 alone, gaming platforms under the state-run Philippine Amusement and Gaming Corporation ( Pagcor ) generated 154.51 billion pesos ( US$2.71 billion ) in government revenues, up 165% from the previous year.

Consumer protection

This latest move builds on the BSP’s earlier pronouncement in July that it was looking into stricter regulations that would require financial institutions to put safeguards in place to protect consumers from risks related to online gambling. 

Prior to its directive on Wednesday, the central bank also asked BSFIs to display infocards warning users of the risks related to online gambling. 

In a separate development, lawmakers have filed bills to prohibit direct links between gambling sites and e-wallets such as GCash and Maya, while some have called for a full ban on the industry. 

The BSP’s move to sever ties between e-wallets and online gaming platforms is part of a broader government reckoning with gambling's societal and economic impacts. 

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