In a statement, House Speaker Ferdinand Martin Romualdez praised President Marcos for achieving this milestone, highlighting its positive impact on financial transactions and international trade.
“By restoring our standing in the global financial community, we are removing burdensome restrictions, reducing transaction costs, and allowing financial flows to move more efficiently. This is particularly good news for our OFWs, whose hard-earned remittances will now be processed faster and with lower fees,” Romualdez said.
The country was placed on the FATF grey list in June 2021, signaling deficiencies in anti-money laundering and counter-terrorism financing measures. Exit from the list affirms the Philippines’ compliance with global financial governance standards, opening doors to greater investments and economic partnerships.
“The Philippines’ exit from the FATF grey list is a monumental victory for our economy and a resounding testament to our collective resolve to uphold the highest standards of financial governance. It restores global confidence in our financial institutions and opens the floodgates for greater investments, economic growth, and international partnerships,” Romualdez added.
The Speaker credited the House of Representatives, the Bangko Sentral ng Pilipinas, and the Anti-Money Laundering Council for implementing reforms that strengthened the country’s financial framework. He also cited Mr. Marcos’ Executive Order No. 33, which provided a clear roadmap for compliance with FATF recommendations.
Romualdez assured continued legislative efforts to safeguard financial integrity and prevent the country’s return to the grey list.
