The Bangko Sentral ng Pilipinas (BSP) has implemented a comprehensive ban on online gambling links within e-wallet applications to safeguard the country’s financial standing and ensure compliance with international standards.
This move aims to prevent the Philippines from being re-listed on the Financial Action Task Force (FATF) gray list, which could have significant implications for the nation’s financial system. Announced during the 2025 Manila Tech Summit by BSP Governor Eli Remolona Jr., the directive mandates e-wallet platforms and financial institutions to eliminate all embedded gambling links, with a strict 48-hour compliance deadline. While some entities were initially slow to comply, they eventually adhered to the cease-and-desist orders issued by the BSP.
The crackdown on gambling links, seen as a measure to combat money laundering and other illicit financial activities, is expected to impact the revenue of e-wallet operators who benefit significantly from online gambling. Despite concerns about potential shifts to unregulated platforms, BSP underscores that its jurisdiction is limited, though it remains committed to studying additional safeguards and restrictions. President Marcos, addressing the summit, highlighted the broader risks of online gambling and digital fraud, emphasizing the government’s commitment to protecting citizens and the integrity of the financial system.
In parallel discussions, Governor Remolona expressed concerns over the independence of central banks, echoing sentiments from the Jackson Hole Symposium about the dangers of political pressure on institutions like the US Federal Reserve. He stressed the importance of maintaining central bank independence as a crucial factor in ensuring stable and effective monetary policy. This broader context underscores the BSP’s efforts to strengthen the Philippine financial ecosystem while navigating complex global financial dynamics.
