Senate Majority Leader Joel Villanueva has urged the Bangko Sentral ng Pilipinas (BSP) to implement stricter measures to prevent the abuse of online lending apps, which he links to the rise in cybercrime and the proliferation of online gambling.
Villanueva stated that the regulations enforced by the BSP on online lending apps, electronic wallets, and digital banks should work in tandem with law enforcement agencies to mitigate the negative impacts of online gambling.
The senator is also advocating for a “total, unconditional ban” on online gambling in the country.
He emphasized that the combination of illegal online gambling and exploitative lending practices from online lending apps could lead many Filipinos into a financial quagmire.Bookmark messageCopy messageSenate Majority Leader Joel Villanueva has urged the Bangko Sentral ng Pilipinas (BSP) to implement stricter measures to prevent the abuse of online lending apps, which he links to the rise in cybercrime and the proliferation of online gambling.
Villanueva stated that the regulations enforced by the BSP on online lending apps, electronic wallets, and digital banks should work in tandem with law enforcement agencies to mitigate the negative impacts of online gambling.
The senator is also advocating for a “total, unconditional ban” on online gambling in the country.
He emphasized that the combination of illegal online gambling and exploitative lending practices from online lending apps could lead many Filipinos into a financial quagmire.