The FinTech Alliance Philippines, seen as the biggest organisation representing financial technology (fintech) companies in the country, have supported calls for a strengthened regulatory framework on digital financial services when it comes to access to licensed online gaming platforms.

This comes recent developments that the Philippines’ Department of Finance was mulling over the potential of introducing a tax for online gaming systems, and the possibility of introducing stricter policies regarding access to digital gambling platforms has also been mentioned.

Moreover, the country’s central bank, the Bangko Sentral ng Pilipinas (BSP), is claiming that it plans to issuer a statement requiring banks and e-wallet platforms to protect their users from risks associated with online gambling.

“The Alliance recognises the growing concern from the public and other sectors over the impact of gaming,” said Lito Villanueva of FinTech Alliance, the group’s founding chairman, in a Wednesday statement, as reported by local media outlets.

“We are united in our commitment to be part of the solution by working closely with regulators, elevating safeguards, and protecting the welfare of Filipino consumers,” he added.

Other concerned parties

The Fintech firm haven’t been the only party to speak out over the state of gambling in the country, with the Catholic Bishops’ Conference of the Philippines (CBCP) also voicing strong concerns.

Having backed calls to tighten restrictions surrounding online gambling, they’ve described it as a new plague that destroys individuals and families.

“It’s clear that online gambling is no longer just a simple form of entertainment. It has become a deep and widespread moral problem, hidden behind the guise of leisure and technology.

“And even if they claim it to be a ‘human right,’ that does not make it right, especially when it brings harm to the person themselves. Addiction to online gambling is a form of slavery.”

Also in agreement is Senator Juan Miguel Zubiri, who is pushing for a total ban on all forms of online gambling. Communications Undersecretary Claire Castro said President Ferdinand Marcos Jr. would not oppose any measure that would curb gambling addiction among Filipinos, and the recent discourse could lead to official change in the near future.