Stop processing e-sabong transactions, banks told (Latest Sabong News)
Author
Lawrence Agcaoili
Date
MAY 27 2022
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks and financial institutions to stop processing transactions involving e-sabong operations following the ban imposed by President Duterte on online cockfights.
Outgoing BSP Governor Benjamin Diokno said financial institutions supervised by the central bank should delist e-sabong operators on the list of merchants accessible in their mobile apps.
Diokno said BSP-supervised financial institutions should give account holders with remaining funds in e-sabong accounts source from their electronic wallet 30 days to cash out their funds.
“The financial institutions should issue a notification to their customers and the e-sabong operator regarding this transitory requirement,” he said.
After the lapse of the transitory period, Diokno said the linkage of electronic money wallet to e-sabong accounts should be disabled in the system.
Upon the orders of Executive Secretary Salvador Medialdea, the Philippine Amusement and Gaming Corp. (Pagcor) issued a public advisory suspending the operations of e-sabong.
All licensed e-sabong operators are directed by Pagcor to shut down gaming websites and cease operations.
Despite the additional revenues generated from online cockfights, President Duterte ordered the suspension of e-sabong early this month.
