Bukidnon 2nd District Representative Jonathan Keith Flores urged the Bangko Sentral ng Pilipinas (BSP) and the banks they regulate to “let their social good purposes overcome the temptations that come with billions of pesos in online gambling transactions.”
“It is time for serious introspection for the banking community. Online gambling goes against the avowed corporate values, missions, and vision statements these banks claim to be their reason for existing,” Flores said.
“It is time for serious introspection for the banking community.”
“What becomes of the Bangko Sentral and the banks when their collaboration with online gambling leads to suicides, crimes, and ruined families? Prosperous and happy families are supposed to be why the banking system operates. Online gambling is anathema to their corporate purposes,” the veteran legislator added.
The seasoned lawmaker filed House Bill 0721 seeking to disengage banks, electronic payment systems, and electronic wallets from online gambling.
“I suggest to the BSP that they encourage the financial institutions they regulate to quit their addiction to online gambling revenues through deregulation incentives.”
“Instead of a stricter set of rules and mechanisms, I suggest to the BSP that they encourage the financial institutions they regulate to quit their addiction to online gambling revenues through deregulation incentives,” he proposed.
Flores cited examples such as reducing the documentary requirements banks need to submit, extending deadlines for compliance, and lowering certain regulatory fees as possible incentives for compliant institutions that voluntarily sever ties with gambling-related transactions.
In no other country but the Philippines are e-wallets directly linked to online gambling apps. This system flaw exposes Filipino families to unchecked financial and social harm.
He also raised concern over a rumored BSP circular banning such practices, which was expected as early as January but has yet to be issued.
