**Philippine Central Bank Orders Removal of Online Gambling Links**
The Bangko Sentral ng Pilipinas (BSP) has mandated that mobile wallets, payment applications, and other regulated financial institutions eliminate links to online gambling platforms. This directive, announced by Deputy Governor Mamerto Tangonan during a Senate hearing, gives these financial entities a 48-hour window to remove any icons that redirect users to internet betting sites. This decision stems from a ruling by the central bank’s Monetary Board.
As lawmakers discuss proposals to either restrict or outright ban online gambling due to rising concerns over debt and addiction, President Ferdinand Marcos Jr. has cautioned that such a ban might inadvertently encourage illegal online betting activities. E-wallets, particularly GCash—owned by fintech company Mynt and valued at $5 billion—have played a significant role in the expansion of online gambling, prompting legislators to seek tighter regulations on the industry, which has seen substantial growth in recent years.
In related news, DigiPlus Interactive Corp., a leading online gaming company in the Philippines, reported a 30% increase in profits, reaching 4.2 billion pesos ($74 million) in the second quarter, driven by new product offerings. This brings the company’s net income for the first half of the year to 8.4 billion pesos, a 61% increase compared to the previous year, with revenues rising by 47%. DigiPlus attributes its success to the ongoing growth in its retail games segment and contributions from new games and licenses. Despite being the top-performing gaming stock globally in June, tighter regulations have since affected investor sentiment, reducing its year-to-date gain to 6.6% as of Thursday. DigiPlus is also set to replace Bloomberry Resorts Corp. in the Philippines’ benchmark stock index next week, reaffirming its commitment to responsible business practices.
**FAQ**
**Q: What is the recent action taken by the Philippine central bank regarding online gambling?**
A: The Philippine central bank has ordered financial institutions to remove links to online gambling platforms within 48 hours to address concerns over debt and addiction.
