Finance Secretary Ralph G. Recto has hailed the Philippines’ successful removal from the Financial Action Task Force’s (FATF) grey list. This milestone strengthens the country’s financial credibility and sets the stage for a potential credit rating upgrade under the Marcos Jr. administration.
On February 21, 2025, the global anti-money laundering watchdog officially announced that the Philippines is no longer under increased monitoring. This marks the country’s exit from the grey list after nearly four years since its inclusion in June 2021.
Beyond achieving compliance, the Philippines has been recognized as a regional leader in promoting financial integrity within the international financial system.
“This is a landmark achievement for the Marcos Jr. administration—a seal of good financial governance that reinforces investor confidence,” said Secretary Recto. “I extend my gratitude to all government agencies that worked tirelessly to reach this goal.”
Recto emphasized the direct benefits of this development for overseas Filipino workers, businesses, and the broader economy. “By upholding the highest standards of financial oversight, we can attract more foreign direct investments, strengthen trade partnerships, and accelerate economic growth. With this momentum, our next objective is clear—a credit rating upgrade within the Marcos Jr. administration,” he added.
President Ferdinand R. Marcos Jr. made exiting the FATF grey list a national priority, issuing Executive Order No. 33 in 2023 to fast-track the country’s compliance with global financial standards.
The Department of Finance (DOF) played a crucial role in this achievement as part of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC). This inter-agency body oversees the National AML/CTF/CPF Strategy (NACS) and ensures its implementation across relevant government institutions.
With this significant milestone, the Philippines is poised to enhance its financial standing on the global stage, unlocking greater economic opportunities for the nation.
