PH EXIT FROM FATF GREY LIST SETS STAGE FOR FASTER GLOBAL TRADE — BERSAMIN

MANILA – Malacañang hailed the Philippines’ successful exit from the Financial Action Task Force’s (FATF) grey list, saying the move will result in faster, cheaper cross-border transactions and bolster the country’s economic prospects.

Executive Secretary Lucas Bersamin, who also heads the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing (AML/CTF/CPF) Coordinating Committee (NACC), emphasized that the Philippines’ removal from the grey list would promote foreign direct investment, which is essential for job creation and economic growth.

“This achievement enhances the Philippines’ global standing by removing compliance barriers, making transactions easier for overseas Filipinos and businesses,” said Bersamin. He credited President Ferdinand R. Marcos Jr.’s dedicated efforts in dismantling structures used by money launderers and terrorism financiers for the successful outcome.

The country shed its reputation as a “dirty money haven,” a label that had long hindered its investment appeal. Bersamin assured that the administration would maintain this momentum by adhering to global financial standards.

On February 21, FATF announced the Philippines had exited its increased monitoring list, ending a grey list status that began in June 2021. The global watchdog also recognized the country as a regional leader in financial integrity.

Finance Secretary Sets Sights on Credit Rating Upgrade

Finance Secretary Ralph Recto hailed the grey list exit as a significant achievement for the Marcos administration. He emphasized the benefits for Overseas Filipino Workers (OFWs) and businesses, noting that the next goal is a credit rating upgrade.

The grey list removal was a top priority outlined in Executive Order 33, issued in July 2023.

Stronger Global Confidence in PH Economy

House Speaker Ferdinand Martin Romualdez called the FATF exit a critical milestone for the Philippines, reaffirming the country’s commitment to financial integrity and transparency. Romualdez stated that this achievement would open the doors to increased foreign investments and further economic growth.

“This milestone marks the beginning of a new era in Philippine governance, where reforms are pursued with unity, discipline, and determination under President Marcos’ leadership,” Romualdez said. He assured that Congress would continue to safeguard the country’s financial integrity to prevent a return to the grey list.

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