Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has introduced draft guidelines for digital marketplace activities, prohibiting banks and electronic money issuers (EMIs) from offering any products linked to gambling, including online casinos and online betting.
The draft guidelines, outlined in a circular posted on the BSP’s website, remain under review.
The proposed rules allow banks and EMIs to operate digital marketplaces, enabling them to offer both their own products and those of third-party providers through a single online platform. While financial and non-financial products may be included, any offerings related to gambling are explicitly banned.
According to BSP, products and services associated with gambling activities, such as online casinos, online betting, electronic gaming, or other forms of gambling, are prohibited. The restrictions also apply to any activities that could undermine the reputation of marketplace participants and the financial system.
In response, the Philippine Amusement and Gaming Corporation (PAGCOR) warned that the move could impact the country’s booming electronic gaming sector.
According to the local media outlet Business World, PAGCOR Chairman and CEO Alejandro H. Tengco expressed surprise at the proposal, stating that the BSP did not consult PAGCOR or seek its opinion before releasing the draft guidelines. He noted that the new rules could affect the online gaming industry.
In January, PAGCOR reported that the eGames and eBingo segments contributed 50.03 percent of total gaming revenue, amounting to PHP48.79 billion ($850 million).
Some digital marketplaces do not directly host online casinos or betting platforms but provide links to games that open outside their applications.
Tengco stated that he would ask PAGCOR’s legal department to review the matter and prepare a response, even in the absence of an official communication from the BSP.
According to the draft guidelines, to operate as a digital marketplace provider, a bank or EMI must secure BSP approval. Applicants must meet the BSP’s prudential requirements, maintain a net worth or combined capital of at least PHP1 billion ($17 million), and establish strong risk management systems. These systems should cover key areas such as information technology, cybersecurity, anti-money laundering, countering terrorism and proliferation financing, data privacy, consumer protection, and market conduct.
The BSP emphasized that the guidelines aim to ensure financial institutions operating digital marketplaces have robust governance and risk management frameworks. It also highlighted that these platforms are designed to foster innovation, promote financial inclusion, and enhance customer experience through strategic partnerships between financial institutions and service providers.
