Latest news with #MamertoTangonan
GMA Network
3 days ago
- Business
- GMA Network
Maya to disable access to gaming sites via Games feature, effective Aug 16, 2025
Mobile wallet Maya has announced it will disable access to online gaming sites within its application on Saturday, August 16, 2026 at 8 p.m. In an advisory, Maya said until such time 'customers may withdraw any remaining funds from linked gaming accounts back to their Maya Wallet via the Games feature.' 'After the deadline, customers may withdraw their funds directly through the gaming provider's website or app,' it said. Maya's move was in compliance with the Bangko Sentral ng Pilipinas's (BSP) order for e-wallets to take down icons and links of online gambling platforms within 48 hours. 'Maya fully supports the Bangko Sentral ng Pilipinas (BSP) and other government efforts to ensure a safe, responsible, and resilient financial system for all Filipinos,' Maya said. 'We will always safeguard our customers and ensure uninterrupted availability of all our financial services. Maya will continue working closely with regulators and industry partners to uphold the highest standards of consumer protection and full compliance with all regulations,' it added. BSP Deputy Governor Mamerto Tangonan made the announcement during a hearing of the Senate Committee on Games and Amusement on Thursday, saying that the directive was given within the day. By Sunday, he said, e-wallets should be disconnected from online gaming platforms. 'The Monetary Board of the [BSP] has approved our policy that we asked... We ordered, directed the BSP supervising institutions to take down and remove all icons and links redirecting to gambling sites,' Tangonan said. — LA, GMA Integrated News
Business Times
3 days ago
- Business
- Business Times
Philippine central bank orders e-wallets, payment apps to remove online gambling links
[MANILA] The Philippine central bank ordered mobile wallets, payment applications and other institutions to remove links to online gambling platforms as the nation seeks to curb the booming industry that's raised social concerns. The financial firms have 48 hours from Thursday (Aug 14) to take down icons that redirect users to Internet betting, Bangko Sentral ng Pilipinas (BSP) deputy governor Mamerto Tangonan said at a Senate hearing. Shares of top Philippine online gaming firm DigiPlus Interactive fell nearly 20 per cent at the close on Thursday, the biggest slump in two weeks, even after it reported a 30 per cent jump in second-quarter profit. Senators are tackling proposals to either restrict or ban online gambling amid worries over debt and addiction. President Ferdinand Marcos Jr earlier said that a ban could stoke illegal online betting. E-wallets have been instrumental in the online gambling boom. Now, they are coming under scrutiny as lawmakers seek to curtail access. GCash, the country's most popular e-wallet valued at US$5 billion and owned by fintech unicorn Mynt, said that it will comply with the central bank's order. 'Once we receive the official directive, we will immediately enforce the necessary changes to ensure compliance and safeguard our users,' the company said. Maya, the fintech arm of Philippine telco leader PLDT, said that it will likewise take action. 'The update will be implemented in line with the BSP's guidance,' the company said. 'We assure customers that their accounts and transactions remain secure and fully operational.' DigiPlus said that its second-quarter profit growth was driven by its retail games segment and contributions from new games and licenses. DigiPlus, which is set to replace Bloomberry Resorts in the Philippines' benchmark stock index from next week, said that the company remains committed to responsible business practices. BLOOMBERG
Filipino Times
4 days ago
- Business
- Filipino Times
BSP orders e-wallet platforms to cut online gambling links within 48 hours
The Bangko Sentral ng Pilipinas (BSP) has directed electronic wallet platforms to remove links to online gambling sites within 48 hours, citing concerns over the growing prevalence of the vice. BSP Deputy Governor Mamerto Tangonan issued the order during a Senate Games and Amusement Committee hearing on August 14. Explaining the two-day deadline, Tangonan said the timeframe was meant to give all platforms enough time to take down the gambling links and inform the public. He said the links are expected to be inaccessible by Sunday morning. 'We will also sanction the concerned (e-wallet platforms),' Tangonan warned, stressing the central bank's commitment to protecting consumers and preventing financial systems from being exploited for online gambling. Earlier this year, the BSP released a draft circular regulating the digital marketplace operations of banks and electronic money issuers. The proposal includes a prohibition on offering products or services related to gambling activities such as online casinos, online betting, and electronic gaming. In July, the Philippine Amusement and Gaming Corporation (PAGCOR) ordered the removal of gambling billboards and other outdoor advertisements by August 15. The online gambling industry remains divisive among lawmakers. Senators Joel Villanueva, Migz Zubiri, Raffy Tulfo, and Pia Cayetano have called for an outright ban, while Senators Win Gatchalian and Risa Hontiveros favor tighter regulations. PAGCOR Chairman and CEO Alejandro Tengco has expressed reservations over a total ban, noting the sector generated about ₱50 billion in 2024, with half of the revenue funding programs such as the Universal Health Care Act, the Philippine Health Insurance Corporation, the Philippine Sports Commission, and the Dangerous Drugs Board. 'If properly regulated, online gaming can be a major contributor to government services and economic development,' Tengco said in a July 8 interview on One News's Storycon.
GMA Network
4 days ago
- Business
- GMA Network
GCash to suspend access to gaming via GLife on Saturday, August 16, 2025
In an advisory, GCash said users may withdraw their funds from their gaming account back to their GCash wallet through GLife only until Saturday, August 16, at 8 p.m. Mobile wallet GCash has announced that it would suspend access to gaming via GLife on Saturday, August 16, at 8 p.m. In an advisory, GCash said users may withdraw their funds from their gaming account back to their GCash wallet through GLife only until Saturday, August 16, at 8 p.m. "After this, users who have remaining funds can only access this directly through the gaming merchant website," GCash said. "We share the commitment of the Bangko Sentral ng Pilipinas (BSP) in maintaining a safe, secure, and responsible digital environment for all," it said. GCash said it would fully comply with the BSP's Memorandum No. M-2025-029, mandating the suspension of in-app gaming access in mobile payment apps and websites in BSP-supervised institutions (BSIs). The e-wallet said it supported the adoption of stronger safeguards on online gaming and will continue to work with regulators and industry partners to protect the financial health of Filipinos. The BSP on Thursday said it has ordered e-wallets to take down icons and links of online gambling platforms within 48 hours. BSP Deputy Governor Mamerto Tangonan made the announcement during a hearing of the Senate Committee on Games and Amusement, saying that the directive was given within the day. By Sunday, he said, e-wallets should be disconnected from online gaming platforms. 'The Monetary Board of the [BSP] has approved our policy that we asked... we ordered, directed the BSP supervising institutions to take down and remove all icons and links redirecting to gambling sites,' Tangonan said. –NB, GMA Integrated News
Mint
4 days ago
- Business
- Mint
Philippine Central Bank Orders E-Wallets, Payment Apps to Remove Online Gambling Links
(Bloomberg) -- The Philippine central bank has ordered mobile wallets, payment applications and other supervised institutions to remove links to online gambling platforms. The financial firms have 48 hours to take down icons redirecting to Internet betting, Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said at a Senate hearing on Thursday, citing a decision from the central bank's policy-making Monetary Board. Senators are tackling proposals to either restrict or ban online gambling amid concerns over debt and addiction. President Ferdinand Marcos Jr. earlier said a ban could stoke illegal online betting. E-wallets like GCash, owned by fintech unicorn Mynt and valued at $5 billion, have been instrumental in online gambling's growth, and legislators are trying to rein in the industry, which has flourished in recent years. On Thursday, Philippine online gaming leader DigiPlus Interactive Corp. said its profit jumped 30% to 4.2 billion pesos ($74 million) in the second quarter on new products. That brought first-half net income to 8.4 billion pesos, up 61% from a year ago, with revenue rising 47%. The company's performance reflects continued growth in its retail games segment, as well as contributions from new games and licenses, DigiPlus said. DigiPlus was the world's best performing gaming stock in June before tighter regulations dampened investor sentiment, trimming its year-to-date gain to 6.6% as of Thursday. DigiPlus, which is set to replace Bloomberry Resorts Corp. in the Philippines' benchmark stock index from next week, said the company remains committed to responsible business practices. --With assistance from Neil Jerome Morales. More stories like this are available on
