At the heart of the regulation is providing banks and Electronic Money Issuer license holders with enhanced authority over digital marketplaces, which includes the gambling industry.
The proposal states: “The activities in a digital marketplace operated by a bank or EMI shall be limited to the offering of its own products and services and/or presentation or display of the products and services of PSPs.”
Specifically, the bill stated that products and services that are associated with gambling activities will be prohibited.
Furthermore, it identified these as potentially “undermining the reputation of the marketplace participants and the financial system”.
Off the back of a period of significant regulatory change in its gambling industry that saw the government take the landmark step to outlaw POGOs, the Philippines was remov..