Senator urges BSP to apply stricter measures vs. online lending apps
Villanueva, who earlier filed an anti-online gambling bill, said the BSP's regulatory oversight on online lending apps, electronic wallets, and digital banks should complement the efforts of law enforcement agencies in addressing the ill effects of online gambling to society.
"Kapag pinagsama po ang iligal na online gambling at ang mapagsamantalang pautang ng mga online lending apps, siguradong malulugmok sa kumunoy ang ating mga kababayan," the senator said in a statement.
(When you combine illegal online gambling and the exploitative loans offered by the online lending apps, our countrymen will surely fall into quicksand.)
"Regulatory agencies must exercise their oversight to support our law enforcement bodies, and do their fair share in slowing down the rampant use of online gambling platforms," he added.
The Senate is set to hold an investigation regarding online gambling in the country, as announced by Senator Erwin Tulfo, chairman of the Senate games and amusement committee.
Several other lawmakers have also called either for the total ban or strict regulation of online gambling, citing its negative impact on Filipinos who got addicted to it.
Villanueva also disclosed that he received information that some employees of Philippine offshore gaming operators (POGOs) have now shifted to online gambling operations, seeking electronic gaming licenses from the Philippine Amusement and Gaming Corporation (PAGCOR).
"How does PAGCOR actually screen and monitor its licensees to ensure that these same individuals are not resurfacing under a different name or company? What concrete actions does PAGCOR take when irregularities are discovered?" he asked.
PAGCOR Chairman Alejandro Tengco earlier noted that the gaming industry regulator recently signed a memorandum of understanding with the Ad Standards Council (ASC) to strengthen the monitoring of gambling-related advertisements across all platforms.
It also recently ordered the takedown of all gambling ads in public spaces and primetime TV by August 15 this year. — VDV, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
18 hours ago
- GMA Network
House vows to abide by SC ruling on MR for Sara's impeachment
The House of Representatives will abide by the Supreme Court's decision should it rule against its motion for reconsideration (MR) on its decision to declare the Articles of Impeachment against Vice President Sara Duterte as unconstitutional. 'Hindi 'ho namin susuwayin 'yan, susundin namin 'yan. The House will not cause the constitutional crisis. The reason, the catalyst for the constitutional crisis will never be caused by the House,' House prosecution spokesperson Atty. Antonio Bucoy said at a news forum in Quezon City on Saturday. House Deputy Speaker Janette Garin, likewise, said the lower chamber will abide by the Supreme Court's ruling should it stand with its decision to declare Duterte's impeachment as unconstitutional. 'Definitely, kasi obligasyon namin sa taumbayan tutukan ang mga problema without bypassing accountability and working for whatever is in the interest of the general public,' Garin said. 'A constitutional crisis should not have a place in a… I think the Philippines is in the top 2 happiest people in the world, so talagang hindi siya dapat na mangyari,' she said. Voting 13-0, the Supreme Court ruled unanimously, deeming that the Articles of Impeachment are barred by the one-year rule under Article XI Section 3 paragraph 5 of the Constitution. Moreover, magistrates ruled that the articles violate the right to due process. In its appeal before the high tribunal, the House argued that the fourth impeachment complaint, signed off by 215 House members, is the only initiated impeachment case against the Vice President because it met the Constitutional requirement of the complaint being endorsed by at least one-third of the House members, which allowed the House to transmit the Articles of Impeachment straight to the Senate en route to the impeachment trial, bypassing Committee deliberations. ''Yung motion for reconsideration ay hindi ho para pagpuna, hindi po ito para itakwil. Ito ay para tawagin ang kanyang pansin upang magsumamo na bisitahin niyong muli ang inyong desisyon na sa palagay namin at inilahad namin sa aming motion for reconsideration ay mali mula letrang A hanggang letrang Z,' Bucoy said. 'Wait and see' Asked what the House's next course of action would be should the SC junk its MR, Garin said that 'hearing the legal luminaries in the House… klaro sa kanilang pananaw na talagang may basehan 'yung motion for reconsideration so we put it at that.' 'Let's wait and see what happens in the next months… I leave it to the members of the 20th Congress… Kasi sa ngayon lahat naguusap usap… These are things that we need to balance and we need to discuss…and come up with concrete statements,' Garin said. On the Senate's move to transfer to the archives the articles of impeachment against Duterte, Bucoy said, 'Hindi kami susuko na di porke't archived na ay susuko na kami.' 'Meron pang chance na dinggin pa kami. Sinabi nga ni Speaker: 'The House will not bow down.' Hindi ho kami sumusuko na sana maliwanagan ang Supreme Court at sana tumugon at sumunod ang Senado,' he said. Three motions for reconsideration have been filed with the SC against its ruling. The first was filed by some of the individuals behind the first impeachment complaint against Duterte, followed by the motion for reconsideration filed by the House of Representatives. The third motion was filed by the 1Sambayan coalition, including Carpio-Morales and Carpio, previously filed a motion for reconsideration with the SC on its ruling. They asked the SC to issue a status quo ante order and to set the case for oral arguments. —VAL, GMA Integrated News
GMA Network
21 hours ago
- GMA Network
Explanation sought over 'rights violations' of some Pinoys nabbed by ICE
NEW YORK—Several U.S. lawmakers are demanding an explanation regarding the alleged mistreatment of Asian lawful permanent residents—including Filipinos—who were arrested by Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE). In a letter addressed to U.S. Department of Homeland Security Secretary Kristi Noem, the Congressional Asian Pacific American Caucus expressed their concern after several Asian Americans detained by the CBP and ICE were allegedly deprived of their right to legal counsel and due process. The letter cited troubling cases such as that of Filipino Mrs. Lewelyn Dixon, who was detained after living legally in the U.S. for 50 years and Mr. Maximo Londonio, a member of the International Association of Machinists and Aerospace Workers, who was held in ICE custody for two months following a vacation in the Philippines. 'These cases suggest possible violations of constitutional protections. The U.S. Constitution provides critical due process protections for all persons within the United States, regardless of immigration status," the lawmakers wrote. "The Fifth Amendment protects against actions by the federal government that violate due process, while the Sixth Amendment guarantees the right to legal counsel in criminal cases. The U.S. Supreme Court has repeatedly affirmed that LPRs are entitled to these same protections,' they added. The letter—signed by fourteen lawmakers—was led by New York Representative Grace Meng, who serves as Chair of the Congressional Asian Pacific American Caucus. The lawmakers are requesting an explanation regarding the denial of the right to legal counsel and constitutional protections to those in CBP custody, as well as the total number of U.S. citizens and lawful permanent residents who have been detained since President Donald Trump took office.
GMA Network
a day ago
- GMA Network
SEC orders ‘declassification' of common shares
In a statement, the SEC said it issued SEC Memorandum Circular (MC) No. 10, Series of 2025, providing for the 'Repeal of the Rules Allowing the Trading of 'B' Shares on the Regular Board and Requiring Buyers to Accept either 'B' or 'A' Certificates.' The Securities and Exchange Commission (SEC) on Friday announced it has directed all listed companies to discontinue the classification of common shares, which was previously imposed to monitor foreign ownership limits in a bid to ensure efficiency in executing and settling equity trades. In a statement, the SEC said it issued SEC Memorandum Circular (MC) No. 10, Series of 2025, providing for the 'Repeal of the Rules Allowing the Trading of 'B' Shares on the Regular Board and Requiring Buyers to Accept either 'B' or 'A' Certificates.' The corporate regulator said the latest guidelines repeal an old rule issued by the SEC back in 1973 'to monitor strict compliance with the 40% foreign ownership limit of stocks.' Under the said 1973 rules, Class A shares can only be issued to Filipino citizens, while Class B shares may be issued to Filipinos and foreigners alike. However, it said the classification resulted in unfair disparity in price between Class A and B shares. 'Such classification has also been the source of administrative inefficiencies for trading participants and the Securities Clearing Corporation of the Philippines,' it said. 'Further, technological advancements in the Philippine Stock Exchange's trading system—which enables strict monitoring and enforcement of foreign ownership limits—have already rendered the classification obsolete,' it added. The SEC said it has directed the declassification of such shares of listed companies as early as 1997. 'However, shares that were already classified as Class A and B remained as such due to the prospective application of the order,' it said. With this, the corporate regulator said that to ensure efficiency in executing and settling equity trades, 'the classification of common shares into Class A and Class B of all listed companies shall be discontinued.' Under the memorandum circular, listed companies that have Class A and B shares are required to amend their respective articles of incorporation (AOI) to reflect the mandated declassification of shares within one year from the effectivity of the rules. 'During the period to amend AOI, buyers on the regular board shall accept the delivery of the specific class of shares that they have purchased and paid for, and shall not be compelled to receive an alternative class of shares,' the SEC said. 'In the event that a trade resulted in a breach of allowable foreign ownership limits, the foreign buyer, through its broker, shall immediately dispose of the excessive shares, as soon as practicable, upon discovery of the breach at the prevailing market price,' it added. The proceeds shall be returned to the foreign investor, according to the SEC. 'If the breach is found during trading hours, the shares exceeding the foreign ownership limit should be disposed of immediately upon discovery, within the same trading day. Otherwise, the disposition should be done upon the opening of trading on the immediately succeeding trading day,' the corporate regulator said. 'Violation of the MC shall be subject to appropriate penalty, after notice and hearing, under Section 54 of Republic Act No. 8799, or the Securities Regulation Code,' it said. –NB, GMA Integrated News
