Philippine President Ferdinand Marcos recently held a special ceremony at Malacañang Palace to recognize the significant contribution of the Philippine Amusement and Gaming Corporation (PAGCOR) in removing the country from the Financial Action Task Force (FATF) grey list.
PAGCOR Chairman and CEO Alejandro H. Tengco and President and COO Wilma Eisma jointly received the plaque of honor awarded by the President.
The FATF grey list primarily targets countries with insufficient regulations in Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). The successful delisting of the Philippines marks that its financial regulatory system now meets international standards. Tengco specifically noted that PAGCOR played a key role in enhancing regulatory effectiveness by strengthening its AML enforcement division and improving compliance mechanisms.
"This achievement highlights PAGCOR's responsibility as the national gaming regulatory authority," Tengco stated, "We will continue to ensure that all licensed entities strictly comply with anti-money laundering regulations." He also affirmed the government's decision to prohibit offshore gaming operators, considering it an effective policy to enhance the financial integrity of the Philippines.
Analysts point out that exiting the grey list will significantly boost the Philippines' international reputation, likely attracting more foreign investment. This positive news coincides with PAGCOR's announcement of an impressive financial report for the first quarter of 2025—revenue reached 28.07 billion pesos (an 11.2% increase year-over-year), with a net profit of 3.43 billion pesos (a 23% increase), showing strong developmental momentum.
