August 27, 2025 | 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has enforced a complete ban on on-line playing hyperlinks in e-wallets, warning that failure to curb such actions may endanger the nation’s elimination from the Monetary Motion Process Pressure (FATF) grey listing.
On the sidelines of the 2025 Manila Tech Summit, BSP Governor Eli Remolona Jr. mentioned the central financial institution earlier ordered e-wallet platforms and monetary establishments to take out all playing hyperlinks embedded of their platforms.
“The suspension stands,” he instructed reporters yesterday. “They’d 48 hours to take away the hyperlinks. That was the deadline. However from then on, we’re on suspension.”
Remolona mentioned a number of gamers have been late in complying and have been slapped with cease-and-desist orders, however they finally adopted the directive to take away in-app playing entry.
Playing retailers are not allowed inside e-wallet apps, he careworn, noting that the apply posed dangers of cash laundering and different illicit monetary actions.
The suspension is predicted to dent the earnings of e-wallet operators.
“(Their earnings) will go down. They earn so much from on-line playing,” Remolona mentioned.
Requested if the problem may result in the nation’s re-inclusion within the FATF grey listing, Remolona admitted that unresolved points in on-line playing may threaten the Philippines’ exit from the listing earlier this yr.
“Sure, however (the problem) can be resolved,” he mentioned.
Whereas acknowledging that on-line playing platforms and gamers may shift to different unregulated websites, the BSP governor mentioned that is past the central financial institution’s jurisdiction. “We hope somebody can do one thing about that.”
The BSP remains to be learning further safeguards after the elimination of playing hyperlinks and discussions on additional restrictions are ongoing, he famous.
On the summit, President Marcos acknowledged the rising dangers posed by on-line playing and digital fraud.
“We’re addressing this by preliminary measures, equivalent to suspending the in-app playing entry in cellular cost apps and web sites. This fashion, we may also help defend our residents and protect the integrity of our monetary system,” he asserted.
In the meantime, on the worldwide entrance, Remolona flagged threats to central financial institution independence, echoing considerations raised on the current Jackson Gap Symposium in america.
Political strain poses a “very important” threat to the independence of the US Federal Reserve and different central banks, he mentioned.
“The explanation (Fed Chair Jerome Powell) staying isn’t a lot about financial coverage, it’s extra about defending the independence of the Fed, which protects the independence of our different central banks,” he mentioned.