(Manila, 16th) The Philippine central bank has ordered digital wallets, payment apps, and other related institutions to remove online gambling links in a bid to curb gambling issues.
Philippine central bank deputy governor Tangonan said at a Senate hearing that financial institutions must, within 48 hours starting Thursday (August 14), remove all icons that direct users to gambling websites.
GCash, the most popular digital wallet in the Philippines, said in a statement it would comply with the central bank's order. “We will immediately implement the necessary changes as soon as we receive the official directive, to ensure compliance and protect our users.”
GCash, valued at US$5 billion (nearly S$6.4 billion), is a product of Philippine fintech unicorn Mynt.
Maya, the fintech subsidiary of Philippine telecom giant PLDT, also pledged to take action. In a statement, Maya said: “We will carry out updates according to the central bank’s guidance. We assure our customers that their accounts and transactions will remain secure and continue to operate normally.”
Gambling addiction and debt problems are becoming increasingly severe in the Philippines, and senators are deliberating bills to restrict or ban online gambling. However, President Marcos Jr. previously warned that banning online gambling might instead stimulate the rise of illegal online gambling activities.
After former president Duterte took office in 2016, he relaxed gaming regulations and legalized offshore gaming, leading to a boom in the online gambling industry. However, offshore gambling has led to various problems such as crime, gambling addiction, and worsening household debt. By the end of last year, Marcos Jr. had already imposed a total ban on the offshore gambling industry.