TL;DR: Coins.ph, the Philippines’ largest digital currency exchange, has pushed back against media reports claiming it faces regulatory action over offshore gaming transactions—while the country’s tax agency outlines six digital projects for 2027 and a new ASEAN report reveals Filipino scam victims are disproportionately targeted through e-wallets.
Key Takeaways:
Coins.ph responds to regulatory reports
Coins.ph, considered to be the largest digital currency exchange in the Philippines with over 18 million users, has issued a formal statement denying that it knowingly served offshore gaming or gambling operators, following media reports that it may be facing scrutiny from the Bangko Sentral ng Pilipinas (BSP).
News reports published on October 13 claimed, without confirmed official BSP comment, that the exchange was allegedly “facing punitive action from financial regulators” over transactions linked to restricted offshore gaming and gambling companies. Coins.ph has provided the following statement to CoinGeek:
“Coins.ph is committed to serving only legitimate, compliant businesses and maintains strict controls to keep offshore gaming and gambling operators off its platform,” the company said. “We hold ourselves to the requirements and standards of the BSP, AMLC and other regulatory authorities, and full compliance sits at the core of how we operate.”
The company added that it is aware of the circulating reports and takes “these matters seriously,” reaffirming its commitment to transparency and regulatory compliance.
“We continue to invest in strengthening our compliance and control functions and work closely with our regulators to enhance our operations,” Coins.ph said.
On user funds, the company was unequivocal: “Our users’ funds are safe; we continue to operate as a BSP licensed institution. We expect to fully restore affected services soon and will share updates through our official channels.”
Separately, local news outlet BitPinas reported in late September that the BSP has ordered a partial suspension of Coins.ph’s e-wallet operator DCPay, which temporarily restricted inbound money transfers to DCPay across InstaPay and PESONet. The reports come approximately one year after the BSP cracked down on the use of digital wallets for online gambling, ordering all institutions under its supervision to cut in-app access to gambling sites.
“Accordingly, all BSls [BSP-Supervised Institutions] are hereby instructed to remove links providing in-app gambling access in BSls’ mobile payment apps and websites within 48 hours upon issuance of this Memorandum. ln-app gambling access includes any product/service that redirects an account holder to a gaming/gambling site,” the BSP’s Memorandum read.
The Philippines tax collection agency outlines 6 digital projects for 2027
Meanwhile, the Bureau of Internal Revenue (BIR)—the Philippines tax collection agency—has shared up to six projects lined up for implementation in 2027 under its broader digital transformation programs, which cover taxpayer services, tax systems, and internal operations—with the Taxpayer Portal slated for full rollout next year, allowing taxpayers to submit their required tax requirements online.
The BIR project is part of the department’s strategic plan for 2026 to 2028. This plan covers a five-point agenda which includes digital and data transformation, audit reform and accountability, revenue collection and revenue base protection, employee empowerment, and service excellence.
Additionally, the BIR plans to launch its enhanced Project 230X in Metro Manila and the Large Taxpayers Service, which is designed to capture transactions subject to withholding tax, generate creditable withholding tax certificates, facilitate electronic filing and payment, and produce reconciliation and discrepancy reports.
Another implementation set for rollout is the online application for Value-Added Tax (VAT) Refund, which will enable taxpayers to file their VAT refund applications and certain supporting documents digitally; they can also monitor their progress and receive status updates from the platform.
Another plan is to establish a Document Tracking and Management System, which is set for full implementation at the BIR’s office next year. At the same time, another system, called the Procurement, Payment and Inventory Monitoring System, is set for implementation once testing and fixes for its three modules are completed.
In addition to six projects, the BIR also plans to expand its electronic invoicing system, with the second phase of taxpayer onboarding scheduled for 2027. This will cover the remaining large taxpayers, which are under the Ease of Paying Taxes law and registered business enterprises.
Regarding its internal operations, the department aims to pilot a Human Resource Information System to consolidate employee records and support HC processes.
The Integrated Electronic Filing System is also due to grow, with other tax returns targeted for inclusion next year.
Nearly 3/4 of Filipinos said they lost money on scams via e-wallet channels: AMRO
In a new report titled “Managing Digital Scam Risks in ASEAN+3: Regulatory Frameworks and Policy Responses,” published on October 12, Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) found that 74% of Filipinos were scammed through money sent to their digital wallets.
“Wire or bank transfer is the most frequently reported payment channel in seven of the nine economies covered, underscoring the continued importance of bank-intermediated channels in facilitating scam payments,” AMRO said. “The Philippines is the main exception, where digital and e-wallet transfers dominate.”
According to the report, this more than doubled the 34% average across selected ASEAN economies and was the highest among the nine ASEAN+3 economies covered.
Indonesia followed the Philippines with at 43%, then Japan at 29%, and Hong Kong at 25%.
Across ASEAN economies, AMRO reported that 72% of victims who lost money reported the scam to their payment service provider, yet only 20% recovered funds.
The data were based on 2025 reports from the Global Anti-Scam Alliance (GASA), with AMRO noting that the payment-channel data represent the share of respondents who were scammed and lost money.
Additionally, 14% of Filipino respondents reported sending money via bank transfers, and 10% cited sending money via PayPal and cash. Meanwhile, 8% said they used digital currency exchanges or digital currencies, 6% cited debit cards and on-platform payment methods, and 5% said they used peer-to-peer (P2P) online payments and other payment methods.
The report also showed that SMS was the most common channel through which scammers approached victims in the Philippines, while social media and instant messaging applications tied for second.
AMRO emphasized in its report that there is no one-size-fits-all solution to combat scams, and each country must tailor its response to fit its specific payment systems and legal framework. However, they recommend several strategies: blocking scam calls, filtering out malicious messages, implementing stronger authentication methods, and establishing account kill switches. These measures can help quickly freeze funds to contain losses when suspicious activities are detected.
FAQs:
Is Coins.ph under investigation by the BSP?
Coins.ph says it is engaging with the Bangko Sentral ng Pilipinas (BSP) after reports of alleged offshore gaming transactions. In late September, BSP reportedly partially suspended its e-wallet operator DCPay, restricting inbound money transfers through InstaPay and PESONet.
Did Coins.ph serve offshore gaming operators?
Coins.ph denies knowingly serving offshore gaming or gambling operators. It says it follows BSP and AMLC standards and operates as a licensed platform.
Are my funds safe on Coins.ph?
Coins.ph states that user funds are safe and that it continues operating as a BSP-licensed institution. It expects to fully restore affected services soon.
Is gambling allowed inside Philippine e-wallet apps?
No. A year ago, BSP ordered supervised institutions to remove in-app gambling links from mobile payment apps and websites within 48 hours. The ban covers any product that redirects an account holder to a gaming or gambling site.
What digital projects is the BIR launching in 2027?
Among the six projects, the BIR plans a full Taxpayer Portal rollout, an enhanced Project 230X, online VAT refund applications, and a document-tracking system.
How many Filipino scam victims paid through e-wallets?
AMRO reports that 74% of Filipino scam victims paid via e-wallets or digital transfers, the highest among the nine ASEAN+3 economies. That is more than double the ASEAN average of 34%. Indonesia followed at 43%, then Japan at 29%.
How can e-wallet scams be reduced?
AMRO says no single fix works but recommends blocking scam calls, filtering malicious messages, stronger authentication, and account kill switches that rapidly freeze funds once suspicious activity is detected.
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