The Department of Finance (DoF) is proposing a tax on online gaming. It is also studying policies to curb unrestricted access to gambling. These include digital gambling platforms.
At the same time, the Bangko Sentral ng Pilipinas (BSP) is preparing to issue a circular. It will require banks and e-wallets to protect users from the growing risks of online gambling.
This comes as some lawmakers have filed measures seeking stricter regulation of online gambling. The move follows reports of growing gambling addiction among Filipinos.
Ralph G. Recto, Finance Secretary told BusinessWorld in an email that the department is cognizant of the concerns of Filipinos about online gambling.
Without giving details, he said that given this, they are already studying and will propose an online gaming tax. They are also exploring other policy options to deter unimpeded access to gambling. The focus is particularly on digital gambling platforms, which remain largely unrestricted.
Mr. Recto proposed setting limits on playing time or cash-in to help curb addiction. He also suggested displaying clear warnings about the risks of gambling. Recto also proposed a restriction on government officials from participating in all types of gambling, including online gambling.
He said regulatory authorities must carefully study the administrative feasibility of these proposals. They should also assess any additional requirements needed to limit the potential harmful effects of gambling.
According to Mr. Recto, the DoF supports strong safeguards to regulate all forms of gambling in the country.
He emphasized strong support for restricting access to gambling facilities to individuals who are at least of legal age. PAGCOR or Philippine Amusement and Gaming Corp. already restricts minors and financially vulnerable individuals from entering gaming venues.
Earlier, Senator Sherwin T. Gatchalian filed a bill that looks to implement stricter regulations on online gambling, like raising the minimum legal gambling age to 21 from 18, to protect young Filipinos from early exposure to online gambling.
