Palace: PH exit from grey list paves way for faster global trade

By Ruth Abbey Gita-Carlos and Jose Cielito Reganit, Philippine News Agency

“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” Bersamin added. (PCO file photo)

MANILA – The Philippines’ successful exit from the Financial Action Task Force’s (FATF) grey list will facilitate “faster and cheaper” cross-border transactions, Malacañang said Saturday.

“Our well-earned exit from the Financial Action Task Force’s grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Executive Secretary Lucas Bersamin, who also chairs the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing (AML/CTF/CPF) Coordinating Committee (NACC), said in a statement.

“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” Bersamin added.

He highlighted that President Ferdinand R. Marcos Jr.’s persistent efforts to dismantle structures exploitable by money launderers and terrorism financiers have paid off.

The “dirty money haven” label, which had long diminished the country’s investment appeal, has now been shed.

“This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards,” Bersamin said.

The global watchdog FATF announced on Friday that the Philippines is no longer on its list of jurisdictions under increased monitoring, marking the end of its grey list status that began in June 2021.

In addition, the country has been recognized as a model and regional leader in addressing financial integrity issues.

Next goal: Credit rating upgrade

In a separate statement, Finance Secretary Ralph Recto described this exit as a landmark achievement for the Marcos administration, noting that it strengthens public confidence in the nation’s financial system.

“This will directly benefit our remitting overseas Filipino workers, businesses, and the Filipino people. With this momentum, our next goal is clear – a credit rating upgrade within the Marcos Jr. administration,” Recto said.

The removal from the grey list was a top priority set out in Executive Order 33, issued in July 2023.

Boost global confidence in PH economy

House of Representatives Speaker Ferdinand Martin Romualdez, meanwhile, said the Philippines’ successful removal from the FATF dirty money grey list is a landmark achievement for the Marcos administration.

In a press release, Romualdez touted the move as crucial for the Philippine economy as it reaffirms the nation’s commitment to financial integrity, transparency, and global economic leadership.

He said the FATF exit would open doors for more foreign investments and help foster economic growth and stronger international partnerships.

“This milestone underscores that Bagong Pilipinas is not just a vision – it is an era of decisive governance, where reforms are pursued with discipline, unity, and determination. Under President Marcos’ leadership, we have shown the world that the Philippines is ready to take its place among the most trusted economies,” he said.

Romualdez also assured that Congress would continue efforts to safeguard financial integrity, preventing the country from returning to the grey list.