The Philippines is set to strengthen its defenses against money laundering, terrorism financing and other illicit financial activities through a regional technical assistance program financed by the Asian Development Bank (ADB).
Finance Secretary Frederick D. Go backed the initiative, which will provide technical assistance to ADB developing member countries, including the Philippines, through the Securities and Exchange Commission (SEC). The regional program has total funding of $500,000.
“Through this assistance, we are strengthening the capacity of our institutions to prevent illicit finance and comply with international standards,” Go said, noting that stronger safeguards can help protect Filipinos and businesses from financial risks while supporting confidence in the financial system.
The assistance is expected to improve the capacity of government agencies and other institutions to implement and enforce measures against financial crimes. Potential areas of support include legal and regulatory frameworks, supervisory systems, risk assessments, procedures and guidelines, and training for government agencies and financial institutions.
The initiative also reflects the Philippines’ continuing effort to align its anti-money laundering and counter-terrorism financing policies and practices with international standards. Such alignment is increasingly important for maintaining confidence in the domestic financial system and preserving the country’s access to global financial networks.
The program supports President Ferdinand R. Marcos Jr.’s directive to intensify government efforts against money laundering and terrorism financing.
“We are building stronger institutions and systems that can help keep our financial sector safe, stable, and connected to the global economy,” Go said.
While the assistance provides additional resources and expertise, its impact will depend on how effectively agencies translate technical support into stronger supervision, enforcement and institutional coordination. For the Philippines, the broader objective is to reinforce financial safeguards without disrupting legitimate economic activity or access to the formal financial system.
