3 days ago
Philippine lawmaker hails order for e-wallet providers to cut ties with online gambling sites
MANILA: Rep Brian Poe (pic) of the FPJ Panday Bayanihan party-list on Thursday (Aug 14) lauded the decisive action taken by the Bangko Sentral ng Pilipinas (BSP), led by Deputy Governor Mamerto Tangonan, in directing e-wallet providers to disconnect from online gambling platforms within 48 hours.
The announcement was made during a Senate committee hearing earlier this week.
The move comes as the House of Representatives considers House Resolution No. 40, authored by Poe, which calls for a comprehensive investigation into the proliferation of online gambling in the country and its social, economic, and legal implications.
The resolution specifically seeks to:
>Examine the impact of online gambling on public health, particularly its role in fostering gambling addiction among the youth and vulnerable sectors.
>Review the adequacy of existing laws and regulations governing online gaming and digital payment systems.
>Identify and address systemic loopholes that enable the continued operation of unregulated or under-regulated gambling platforms.
>Recommend policy and legislative measures to strengthen regulatory oversight and enforcement, including possible amendments to the Anti-Money Laundering Act and related financial regulations.
'This is a welcome development as it reinforces the intent of House Resolution No. 40,' Poe said.
'There is a pressing need to tighten regulations on digital transactions related to gaming, especially with the growing concerns over the rapid proliferation of online gambling and the ease of access provided through digital payment channels,' he added.
The BSP's order underscores the urgency of the issues raised in HR No. 40, particularly the intersection of online gambling operations and financial technology platforms.
Without stronger safeguards, Poe warned, the nation's youth and marginalised communities remain exposed to exploitation and financial harm.
'The BSP's action is proof that decisive measures can and must be taken,' Poe added.
'It's about time we act collectively — across both the executive and legislative branches — to close the gaps that allow these operations to thrive and to ensure our financial systems are not misused to fuel addiction.'
Poe reaffirmed his commitment to work with regulatory agencies, financial institutions, and fellow lawmakers to craft balanced, effective legislation that will protect public welfare while ensuring the integrity of the country's financial system. - Philippine Daily Inquirer/ANN
