The Bangko Sentral ng Pilipinas (BSP) has issued a draft circular that seeks to restrict online gambling payments on digital platforms. banks, e-wallets, and payment service providers (PSPs) are now required to implement tighter security before allowing online gambling transactions.
According to the draft, a separate “online gambling transaction account” (OGTA) must be created for each qualified user. Money that can be transferred to this account is limited to 20% of the user's average daily balance. In addition, OGTA can only be used for six hours per day, and if used excessively, there will be a 24-hour “cooling-off” period.
Loans will also not be allowed on the same app once OGTA is activated. Biometric verification using the face is one of the requirements before accessing the service. The user also has the option to set their own limit on time and money that can be transferred.
Employees of financial institutions are also prohibited from participating in online gambling to maintain public trust. Online gambling operators must be fully licensed, have clear ownership, and comply with anti-money laundering rules before partnering with banks.
When fully implemented, the new policy will be effective 15 days after publication, and PSPs will have 6 months to comply with the rules or face suspension and fines of up to P1 million per violation.
