In a significant victory for the Marcos administration, the Philippines has been removed from the Financial Action Task Force’s (FATF) grey list, a move that promises to accelerate and reduce the cost of international transactions. This achievement, celebrated by Malacañang, is seen as a major step forward in attracting foreign direct investments that foster job creation and economic growth.
Executive Secretary Lucas Bersamin, who leads the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee, emphasized that this development would directly benefit overseas Filipinos by simplifying cross-border financial dealings. He credited President Ferdinand R. Marcos Jr.’s relentless efforts in dismantling systems vulnerable to exploitation by money launderers and terrorism financiers.
The removal of the ‘dirty money haven’ stigma, which had previously deterred investors, marks a pivotal moment for the country. Bersamin assured that the administration would continue to uphold global financial standards to maintain this progress.
The FATF’s announcement on Friday confirmed the Philippines’ exit from the grey list, a status it had held since June 2021. The country is now recognized as a regional leader in combating financial integrity issues.
Finance Secretary Ralph Recto hailed this as a landmark achievement, boosting public trust in the financial system. He highlighted the direct benefits for overseas Filipino workers, businesses, and the general populace, and set the next target as a credit rating upgrade during the Marcos Jr. administration.
The removal from the grey list, prioritized in Executive Order 33 of July 2023, is seen as a testament to the government’s commitment to financial integrity.
House Speaker Ferdinand Martin Romualdez echoed these sentiments, describing the exit as a crucial boost for the Philippine economy. He stressed that it reaffirms the nation’s dedication to transparency and global economic leadership, paving the way for increased foreign investments and stronger international ties.
Romualdez praised the Marcos administration’s decisive governance, stating that it has positioned the Philippines as a trusted economy on the world stage. He committed to ongoing legislative efforts to ensure the country does not revert to the grey list, reinforcing the vision of a ‘Bagong Pilipinas’.