E-sabong Accounts to be Removed from E-wallet Apps, says BSP

Following President Duterte’s instructions to suspend online cockfighting operations in the country, the Bangko Sentral ng Pilipinas (BSP) has released a memo directing the removal of “e-sabong” operators from BSP Supervised Financial Institutions (BSFIs), including that of online wallets. 

Through this memo, “the BSP reiterates that BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency.”

This is after House Committee on Ways and Means Chairman Joey Salceda pointed out how the money raised from taxing e-sabong operations can help pay the rising Philippine debt.

Why end e-sabong?

E-sabong is set to be suspended after gaining popularity during the 2-year COVID lockdown, with government officials specifying the social harms it has brought to Filipino families. 

Concerned government agencies cited the negative impact of gambling addiction, adding to the fact that minors have now started taking part in this type of online betting. More alarming is the reported disappearances of 30 cockfighting enthusiasts and/or employees. 

All within 30 days

Clients have been advised to transfer the remaining balance from their e-sabong accounts back to their e-wallets in no less than 30 days after the BSP memo has been issued. Based on the memo, “BSFIs were directed to disable the link between e-sabong accounts and e-money wallets” once the 30 days have passed.

Source: ABS CBN News