Senators Call for Self-Regulation of E-Wallet and Super App Companies
The prevalence of online gambling in the country has prompted Senator Risa Hontiveros to express hope that e-wallet and super app companies will take steps to self-regulate. This comes as three of the country’s largest integrated resort-casino operators claimed that their online gaming operations comply with laws and regulations.
Compliance with Regulations
Hontiveros noted that if big casinos are following the current regulations, it should not be a problem to tighten access to online gambling. However, she questioned the silence of e-wallet and super app companies regarding claims that they have made online gambling easier to access. The senator emphasized that with numerous complaints about the ease of access to online gambling through these platforms, it is imperative for these companies to take steps to self-regulate.
The Impact of Online Gambling
The senator’s office has received numerous messages from people desperate for help due to the devastating effects of online gambling. These reports include cases of addiction, debt, and even death. Hontiveros stressed that obeying the law is not enough; there needs to be a collective effort to address the issue. She hopes that e-wallet and super app companies will take their own regulations seriously, as too many lives have been ruined by online gambling.
E-Wallets as Enablers of Debt
Senator JV Ejercito shared similar concerns, stating that e-wallet companies have become a means for Filipinos to accumulate debt. He emphasized that e-wallets were designed to make life easier for Filipinos, not to facilitate gambling and debt. Ejercito believes that once a financial tool starts enabling addiction, it is the government’s duty to intervene and regulate it strictly.
proposed Solution
The Bangko Sentral ng Pilipinas (BSP) has proposed a solution to address the issue. The central bank plans to require payment service providers (PSPs) to create a facility that would allow users to create a separate online gambling transaction account (OGTA). This OGTA would be subject to stricter rules, including the disabling of all lending options, to protect clients from the risks associated with online gambling.
A Step Towards Responsible Use
Senator Sherwin Gatchalian welcomed the BSP’s move, describing it as a monumental step towards the responsible use of digital services. He suggested that daily caps, time limits, and biometric verification could help curb the alarming rise of gambling addiction, especially among the youth. Gatchalian has also proposed a measure to impose strict regulations on online gambling in the country.
Conclusion
The issue of online gambling in the country is a pressing concern that requires immediate attention. Senators Hontiveros, Ejercito, and Gatchalian are calling for e-wallet and super app companies to self-regulate and for stricter regulations to be imposed on online gambling. The proposed solution by the BSP is a step in the right direction, but more needs to be done to protect Filipinos from the devastating effects of online gambling. It is crucial for the government, financial institutions, and technology companies to work together to address this issue and promote responsible use of digital services.
