The Central Bank of the Philippines (BSP) has blocked accounts of over 8,000 merchants that were processing payments for illegal iGaming operators in the country. These accounts were disguised as beauty salons, bakeries, and small shops.
According to the BSP's deputy governor, the bank's attention was drawn to the accounts of ordinary merchants that were receiving thousands of payments ranging from $0.80 during the midnight to early morning hours.
The gaming regulator, PAGCOR, confirmed that some of these companies are themselves illegal iGaming operators and stated that there is a lack of oversight in this segment.