The Presidential Palace of the Philippines announced that the Philippines has successfully been removed from the Financial Action Task Force (FATF) grey list, a breakthrough that not only provides more efficient and low-cost financial channels for cross-border transactions but also significantly enhances the transparency and global reputation of the national financial system.
The Presidential Palace emphasized that this achievement will further attract overseas investments and provide more convenient financial services for local businesses and overseas Filipino workers (OFWs), reducing barriers to international transactions.
Executive Secretary Lucas Bersamin noted that this marks the official end of the Philippines' negative label as a "money laundering haven," a result largely attributed to the anti-money laundering and counter-terrorism financing reforms pushed by President Ferdinand Marcos Jr. He promised that the government will continue to strengthen compliance measures to consolidate this critical victory.
Finance Minister Ralph Recto stated that the Philippines' departure from the grey list will help improve the national credit rating, boost confidence among international investors, and strengthen the Philippines' competitiveness in the global economic system.
Meanwhile, Senator Sherwin Gatchalian also affirmed this achievement. He emphasized that the Philippines' efforts in combating money laundering, financial crimes, and terrorism financing have been recognized internationally. Additionally, he criticized Philippine Offshore Gaming Operators (POGOs), stating that they foster illegal capital flows and hinder the Philippines' benign development in the international financial field. He said, "The presence of POGOs damages national credibility and affects foreign capital inflow. Only by completely banning POGOs can the Philippines truly consolidate its international image."
In its statement, FATF confirmed that the Philippines has fully implemented corrective measures, including strengthening the supervision of casinos and money transfer services, enhancing law enforcement, and improving financial transparency. The agency plans to conduct a new round of assessments on the Philippines in 2027 to ensure the sustainability of the reforms.
The Anti-Money Laundering Council (AMLC) stated that after the Philippines exits the grey list, the cost of international financial transactions will significantly decrease, and compliance requirements will be simplified, helping to attract more foreign direct investment (FDI). The Philippine government has committed to continuing to strengthen financial system reforms to ensure that it is not re-listed on the monitoring list and to further enhance the country's economic competitiveness.
