At the same time, however, continued efforts must be exerted to stay out of that list and preserve the country’s gains made in recent years, the chief of the central bank said.
Speaking at the meeting of the Tuesday Club of communications professionals on March 11, 2025, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. detailed the journey that led to the country’s delisting and emphasized the government’s commitment to preventing a relapse
“The good news from last month was not the end of a four-year ordeal; it was actually the end of a nine-year ordeal if you count from 2016,” he said, referring to the Bangladesh Bank heist, which had drawn global scrutiny to the country’s financial system.
The Philippines landed on the FATF grey list in 2021, subjecting its financial institutions to increased monitoring and imposing higher compliance costs on banks dealing with foreign counterparts.
The negative perception discouraged foreign investment and made remittance transactions for overseas Filipino workers more difficult.
To address FATF’s concerns, the central bank chief said Philippine authorities implemented 18 action items focused on strengthening regulatory oversight, monitoring high-risk financial activities, and improving the prosecution of money laundering and terrorism financing cases.
Key measures taken to exit the grey list
Unanimous FATF decision, positive market response
Following a Paris meeting in February 2025, the FATF unanimously approved the Philippines’ removal from the grey list.
Remolona explained that the delisting immediately renewed investor confidence, evident in the peso’s performance before and after the announcement.
The country’s successful reforms earned it recognition as a regional leader in anti-money laundering and counter-terrorism financing efforts. The FATF even requested the Philippines to help evaluate other grey-listed countries in Asia, he said.
Ensuring the Philippines stays off the grey list
Remolona stressed that staying compliant remains a long-term priority, as the next FATF evaluation in 2027 will assess whether the reforms remain effective.
“Just because we are off the grey list does not mean we are done,” he cautioned. “We must ensure we do not fall back into the grey list.”
A national risk assessment is now underway to identify emerging financial threats and close loopholes before the next evaluation.
Economic & Financial Benefits of Delisting
According to the central bank chief, the Philippines is now positioned to fully capitalize on its delisting, signaling a more stable and attractive financial environment for investors — all while authorities remain vigilant to ensure sustained compliance and avoid a repeat of past setbacks.
