The Philippines’ successful removal from the Financial Action Task Force’s (FATF) grey list in February 2025 is poised to unlock substantial economic benefits for the nation and its people. This achievement is expected to bolster businesses, provide greater support for overseas Filipino workers (OFWs), and attract increased foreign investment. These advantages were underscored by officials at a recent ceremony celebrating the key stakeholders who contributed to this significant milestone.
“Through concerted reforms and unwavering dedication, government agencies have significantly strengthened the resilience and integrity of our financial system,” stated Bangko Sentral ng Pilipinas (BSP) Governor and Anti-Money Laundering Council (AMLC) Chairman Eli M. Remolona, Jr. “This delisting reaffirms our nation’s strong commitment to effectively combating financial crimes.”
President Ferdinand R. Marcos Jr., who presided over the ceremony at Malacanang Palace on Monday, highlighted the tangible benefits for Filipinos. “Exiting the grey list translates to a more streamlined and cost-effective financial system for all Filipinos. Our hardworking OFWs will benefit from reduced costs when sending remittances home. Furthermore, our businesses will encounter fewer obstacles in accessing international financing, creating a more attractive environment for foreign investors.”
Executive Secretary Lucas P. Bersamin, Chairman of the National Anti-Money Laundering/Counter-Terrorism/Counter-Proliferation Financing Coordinating Committee (NACC), emphasized the collaborative nature of this achievement. “Together, through the dedicated efforts of various agencies across the public and private sectors, we have constructed a robust and comprehensive framework to effectively address the risks of money laundering, terrorism financing, and proliferation financing.”
The Philippines’ delisting from the FATF’s grey list is anticipated to significantly improve cross-border financial transactions by lowering operational costs, simplifying compliance procedures, and enhancing overall financial transparency. This positive development can also encourage more international banks to establish or resume business relationships with the Philippines, fostering a more competitive and accessible financial services landscape for both individuals and businesses.
President Marcos Jr. specifically lauded the AMLC and the NACC for their pivotal role in spearheading the nation’s determined campaign to exit the FATF’s increased monitoring list. The Philippines was initially placed on the grey list in 2021. Its removal in February 2025 followed the successful fulfillment of all FATF-mandated action items designed to address identified deficiencies in the country’s anti-money laundering, counter-terrorism financing, and proliferation financing frameworks.
