Senator urges BSP to apply stricter measures vs. online lending apps

Senate Majority Leader Joel Villanueva on Friday called on the Bangko Sentral ng Pilipinas (BSP) to implement more stringent action against online lending apps amid the rise of internet gambling in the country.

Villanueva, who earlier filed an anti-online gambling bill, said the BSP's regulatory oversight on online lending apps, electronic wallets, and digital banks should complement the efforts of law enforcement agencies in addressing the ill effects of online gambling to society.

"Kapag pinagsama po ang iligal na online gambling at ang mapagsamantalang pautang ng mga online lending apps, siguradong malulugmok sa kumunoy ang ating mga kababayan," the senator said in a statement. 

(When you combine illegal online gambling and the exploitative loans offered by the online lending apps, our countrymen will surely fall into quicksand.) 

"Regulatory agencies must exercise their oversight to support our law enforcement bodies, and do their fair share in slowing down the rampant use of online gambling platforms," he added.

The Senate is set to hold an investigation regarding online gambling in the country, as announced by Senator Erwin Tulfo, chairman of the Senate games and amusement committee.

Several other lawmakers have also called either for the total ban or strict regulation of online gambling, citing its negative impact on Filipinos who got addicted to it.

Villanueva also disclosed that he received information that some employees of Philippine offshore gaming operators (POGOs) have now shifted to online gambling operations, seeking electronic gaming licenses from the Philippine Amusement and Gaming Corporation (PAGCOR).

"How does PAGCOR actually screen and monitor its licensees to ensure that these same individuals are not resurfacing under a different name or company? What concrete actions does PAGCOR take when irregularities are discovered?" he asked.

PAGCOR Chairman Alejandro Tengco earlier noted that the gaming industry regulator recently signed a memorandum of understanding with the Ad Standards Council (ASC) to strengthen the monitoring of gambling-related advertisements across all platforms.

It also recently ordered the takedown of all gambling ads in public spaces and primetime TV by August 15 this year. — VDV, GMA Integrated News