The Bangko Sentral ng Pilipinas (BSP) has celebrated the country’s removal from the Financial Action Task Force’s (FATF) grey list, a significant milestone in the country’s financial reforms in combating money laundering and terrorism financing. The FATF’s recent statement confirms that the Philippines has addressed critical deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) framework.
BSP governor Eli M. Remolona credited this achievement to strong cooperation across government agencies and the private sector, highlighting key reforms such as enhanced registration for money transfer services and sanctions on unregistered remittance operators. These efforts have positioned the Philippines to regain global investor confidence, ultimately paving the way for greater economic engagement and international partnerships.
Finance Secretary Ralph G. Recto hailed the move as a “seal of good housekeeping” for the Marcos administration, emphasizing the potential for increased foreign direct investments (FDIs) and stronger trade ties. As the Philippines emerges from the grey list, attention now turns to securing a credit rating upgrade—an outcome that could have substantial monetary policy implications.
This policy shift strengthens the Philippines’ standing on the global financial stage, boosting its attractiveness to investors and encouraging remittance inflows. The positive momentum could further propel the country’s economic outlook and facilitate future credit rating upgrades, fostering long-term stability and growth.
