MANILA: Philippine President Ferdinand Marcos Jr (pic) said a total ban on online gambling platforms will lead to a proliferation of illicit operations which will be more difficult to eradicate.
"The first effect of banning it fully is to put it underground, and then we have no control,” Marcos said in an interview with GMA News released late Thursday (Aug 7).
Marcos said he will convene a conference of stakeholders to craft a policy that will focus on preventing minors from betting and the poor from going deep in debt due to gaming addiction.
"The problem is not online gambling. The problem is the social effects on our children and those who are addicted to gambling,” he said.
The Philippine central bank on Thursday said it is finalising rules that will require banks, e-wallets and other financial service providers to adopt stronger safeguards against gambling-related harm.
Lawmakers and church officials have increasingly called for curbs on Internet betting, citing risks of addiction that could hurt families and impact households’ finances, especially among the poor.
Industry leader Digiplus has earlier said that banning licensed platforms will shift users to unregulated black markets, and that it supports tighter regulation. - Bloomberg
