Manila, Aug. 7 -- The Bangko Sentral ng Pilipinas (BSP) is finalizing new rules that will protect consumers from the risks associated with online gambling.

In a statement Thursday, the BSP said the upcoming measures would include strict identity verification, including biometric checks, such as facial recognition, to ensure that only eligible individuals can use their funds for online gambling.

Daily limits on gambling-related transfers to reduce excessive financial losses will also be included in the new rules.

The BSP said the upcoming measures would also include time-based restrictions on gambling payments to help curb impulsive behavior and user tools for setting personal spending caps, taking voluntary breaks, or self-excluding fr...