BSP cracks down on e-wallet gambling links

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has enforced a total ban on online gambling links in e-wallets, warning that failure to curb such activities could endanger the country’s removal from the Financial Action Task Force (FATF) gray list.

On the sidelines of the 2025 Manila Tech Summit, BSP Governor Eli Remolona Jr. said the central bank earlier ordered e-wallet platforms and financial institutions to take out all gambling links embedded in their platforms.

“The suspension stands,” he told reporters yesterday. “They had 48 hours to remove the links. That was the deadline. But from then on, we’re on suspension.”

Remolona said a few players were late in complying and were slapped with cease-and-desist orders, but they eventually followed the directive to remove in-app gambling access.

Gambling merchants are no longer allowed inside e-wallet apps, he stressed, noting that the practice posed risks of money laundering and other illicit financial activities.

The suspension is expected to dent the earnings of e-wallet operators.

“(Their income) will go down. They earn a lot from online gambling,” Remolona said.

Asked if the issue could lead to the country’s re-inclusion in the FATF gray list, Remolona admitted that unresolved issues in online gambling could threaten the Philippines’ exit from the list earlier this year.

“Yes, but (the issue) will be resolved,” he said.

While acknowledging that online gambling platforms and players could shift to other unregulated sites, the BSP governor said this is beyond the central bank’s jurisdiction. “We hope someone can do something about that.”

The BSP is still studying additional safeguards after the removal of gambling links and discussions on further restrictions are ongoing, he noted.

At the summit, President Marcos acknowledged the growing risks posed by online gambling and digital fraud.

“We are addressing this through initial measures, such as suspending the in-app gambling access in mobile payment apps and websites. This way, we can help protect our citizens and preserve the integrity of our financial system,” he asserted.

Meanwhile, on the global front, Remolona flagged threats to central bank independence, echoing concerns raised at the recent Jackson Hole Symposium in the United States.

Political pressure poses a “very significant” risk to the independence of the US Federal Reserve and other central banks, he said.

“The reason (Fed Chair Jerome Powell) staying is not so much about monetary policy, it’s more about protecting the independence of the Fed, which protects the independence of our other central banks,” he said.