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Filipino Times
2 days ago
- Business
- Filipino Times
GCash and Maya Cut Ties with Online Gambling Platforms After BSP Order
E-wallet giants GCash and Maya have disconnected from online gambling sites, complying with the Bangko Sentral ng Pilipinas' (BSP) directive to remove access within 48 hours as part of efforts to curb gambling addiction among Filipinos. Maya announced that it disabled links to gambling platforms via its Games feature at 8 p.m. on Saturday, August 16, 2025. The company affirmed its support for BSP's initiatives to ensure responsible use of digital financial services. GCash, operated by GXchange Inc., earlier made a similar move by cutting gambling access on its GLife feature. The BSP has been pushing stricter rules for financial service providers regarding gambling, including biometric verification and daily transaction limits. Governor Eli Remolona Jr. also emphasized that government financial aid beneficiaries should not have access to gambling platforms. President Ferdinand 'Bongbong' Marcos Jr. has likewise said he is reviewing proposals to ban online gambling altogether. Malacañang earlier reported that 7,000 unauthorized gambling sites had been shut down.
GMA Network
2 days ago
- Business
- GMA Network
E-wallets unlink from online gambling platforms
E-wallet service providers GCash and Maya have unlinked from online gambling platforms, complying with the 48-hour timeline given by the Bangko Sentral ng Pilipinas (BSP) as the country seeks to curb operations of the sector due to the alleged addiction of many Filipinos. In an advisory released Sunday, Maya said it disabled links to gambling sites through its Games feature starting 8 p.m. on Saturday, August 16, 2025. 'We fully support the BSP's efforts and will continue to work closely with them in promoting the responsible use of digital financial services,' it said. GCash — operated by GXchange Inc. — earlier made a similar announcement, cutting access to online gambling through its GLife feature. The unlinking comes as the Bangko Sentral ng Pilipinas (BSP) last Thursday ordered e-wallets to take down icons and links of online gambling platforms within 48 hours. The BSP earlier this month said it is finalizing new rules for banks, e-wallets, and other financial service providers regarding gambling, including biometric checks and daily limits on related transfers. The Central Bank earlier released a draft circular, which previously required payment service providers (PSPs) to create a facility that would allow users to create a separate online gambling transaction action (OGTA), which would then be placed under stricter rules in a bid to protect clients from risks associated with the industry. BSP Governor Eli Remolona Jr. also said beneficiaries of government financial aid or ayuda should not be granted access to online gambling platforms. For his part, President Ferdinand 'Bongbong' Marcos Jr. earlier said he will study calls to ban online gambling. Malacañang in June said it has shut down 7,000 unauthorized online gaming websites. — Jon Viktor Cabuenas/RF, GMA Integrated News
GMA Network
11-08-2025
- Business
- GMA Network
BSP chief Remolona wants online gambling beyond reach of ayuda beneficiaries
"No one who receives ayuda, I think, should be allowed to gamble," Remolona said. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Monday called for measures that will prevent beneficiaries of government financial aid or ayuda from gambling online. Remolona also called for stricter implementation of know-your-customer (KYC) rules among online gaming platforms. He said it should be more difficult to access online gambling platforms, given their social impact of the industry, which the Department of Health (DOH) has flagged as a 'public health concern.' 'We basically want sand in the wheels. You can't just go to your phone and then press one icon and you're in a gambling site. You want it to be more difficult,' he said in a panel during the EJAP Economic Forum 2025 in Manila City. 'No one who receives ayuda, I think, should be allowed to gamble. Gambling leads to social harm. It's not just harming the individual, it's harming his family or her family,' he added. The BSP last week said it is finalizing new rules for banks, e-wallets, and other financial service providers regarding gambling, including biometric checks and daily limits on related transfers. The central bank earlier released a draft circular, which previously required payment service providers (PSPs) to create a facility that would allow users to create a separate online gambling transaction action (OGTA), which would then be placed under stricter rules in a bid to protect clients from risks associated with the industry. President Ferdinand 'Bongbong' Marcos Jr. has said he would study calls to ban online gambling. –NB, GMA Integrated News
GMA Network
03-07-2025
- Business
- GMA Network
Two more rate cuts possible this year, says BSP Gov. Remolona
'There's room because inflation is low and growth is a bit lower also, except that, the cuts cannot really compensate entirely for the slowdown in growth,' BSP Governor Eli Remolona Jr. said. File photo Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Thursday hinted at the possibility of two more rate cuts this year, as he said the current inflation and economic growth levels give the central bank room for further easing. Speaking with reporters, Remolona said there could be two more rate cuts this year, with three more policy meetings scheduled this year on August 26, October 6, and December 9. 'Pwede, pwede naman. Meron pa tayong August, meron pa tayong October, December [It's possible. We still have August, we still have October, December],' Remolona said on the sidelines of the BSP's 32nd Anniversary Multimedia Exhibit in Manila. 'There's room because inflation is low and growth is a bit lower also, except that, the cuts cannot really compensate entirely for the slowdown in growth,' he told reporters. Inflation clocked in at 1.3% in May, marking the fourth straight month of deceleration. Official figures for June are scheduled to be released on Friday, July 4. The BSP projects this to possibly have hit as high as 1.9% in June. Economic growth, meanwhile, was recorded at 5.4% in the first quarter of 2025, with Philippine economic managers expecting the full-year expansion to average between 5.5% to 6.5% this year. 'Kasi 'yung slowdown in growth, dahil sa uncertainty 'yun eh. Napo-postpone 'yung big-ticket consumption items, napo-postpone investments, tapos 'yung exports dahil bumagal din ang ano eh, global growth,' Remolona said. (The growth slowdown is because of uncertainty. The big-ticket consumption items are being postponed, investments are being postponed, and exports have decelerated because of the slower global growth.) The Monetary Board of the BSP last month cut key policy rates by 25 basis points, bringing the target reverse repurchase rate to 5.25%, the overnight deposit rate to 4.75%, and the overnight lending facility rate to 5.75%. 'If things remain on track, then we will probably cut once more, but depending on the data… But for now things remain on track. Isa pa [One more],' Remolona said in June. — BM, GMA Integrated News
GMA Network
12-06-2025
- Business
- GMA Network
Euro Commission removes PH in list of ‘high-risk' countries for dirty money, financial crimes
The European Commission, the European Union's (EU) executive body, has removed the Philippines from its list of high-risk countries the bloc monitors for money laundering and terrorism financing. In a statement, the European Commission announced that the Philippines, along with Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates, was delisted in its updated list of high-risk jurisdictions for financial crimes. 'The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of 'Jurisdictions under Increased Monitoring',' the EU body said. 'As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards,' it said. To recall, in February, the FATF announced that the Philippines is no longer under increased monitoring for money laundering and financing of terrorism or 'grey list.' Sought for comment, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. told GMA News Online, 'This is good news, but we will still need a yes vote by the EU Parliament.' The EU Parliament, the bloc's legislative body, approves or ratifies actions or agreements done by the European Commission on behalf of the EU. Meanwhile, the European Commission added to the high-risk monitoring list several countries, such as Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. 'EU entities covered by the AML (anti-money laundering) framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,' it said. —VAL, GMA Integrated News
