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September 24, 2023

BSP tells banks to refrain from facilitating e-Sabong transactions

The Bangko Sentral ng Pilipinas (BSP) has directed banks and financial institutions to refrain from facilitating e-Sabong transactions after President Duterte ordered the suspension of all operations of the gambling activity.

BSP Governor Benjamin Diokno issued Memorandum No. 2022 – 026 instructing all BSP-supervised financial institutions to stop processing e-Sabong transactions as the Philippine Amusement and Gaming Corp. (Pagcor) ordered the shutdown of all gaming websites and cease gaming operations.

Diokno said all banks and financial institutions to delist e-Sabong entities and operators in the list of merchants accessible in the BSFIs apps such as mobile and internet.

Given the possibility of accountholders with remaining funds in its

e-Sabong accounts sourced from their e-wallet accounts, the BSP chief said all banks should advise affected clients to cash out funds from their e-Sabong

accounts to their e-wallet accounts within 30 calendar days.

According to the regulator, banks should issue a notification to their customers and the merchants or e-Sabong operators regarding the transitory requirement.

After the lapse of the transitory period, the linkage of e-money wallet to e-Sabong account should be disabled in the system including the merchant or e-Sabong operator account.

As previously communicated in Circular Letter No. 2O21-O12 dated 06

February 2021 and Memorandum No. 2O18-OO2 dated 17 January 2018, BSFIs shall deal only with gambling and/or online gaming business that are authorized, licensed or registered with the appropriate government agency duly

empowered by law or its charter to license/authorize entities or business to engage in such activities.

“Hence, it must be further clarified that, this excludes e-Sabong operators – the operations of which have been suspended upon order by the President,” Diokno said.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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