Marcos: Philippines Making Progress Toward Exiting FATF Grey List

President Ferdinand “Bongbong” Marcos Jr. announced significant progress in the Philippines’ efforts to exit the Financial Action Task Force’s (FATF) grey list, a key step in boosting economic growth and global standing.

Speaking at the 33rd Anti-Terrorism Council regular meeting and year-end celebration, Marcos emphasized the importance of this achievement.

“Exiting the Grey List is a significant move toward the continuing transformation of our economy and our place in the world,” Marcos said.

Impact on Filipinos and the Economy

Marcos noted that being removed from the grey list would benefit Filipinos by enabling smoother remittances for overseas workers and increasing investor confidence, ultimately strengthening the nation’s economy.

“This milestone is the result of collaboration between government agencies, private sector stakeholders, and public servants. It demonstrates that collective action can achieve goals with far-reaching impacts,” he added.

Grey List Context

The Philippines was placed on the FATF grey list in 2021, alongside Haiti, Malta, and South Sudan. Countries on the list are under increased monitoring for deficiencies in their financial systems to combat money laundering and terrorism financing.

Inclusion on the list indicates active cooperation with FATF to address these issues. An exit from the grey list signals that significant reforms and measures have been implemented to meet global standards.

Looking Ahead

Marcos highlighted that the ongoing efforts to leave the grey list reflect the Philippines’ commitment to transparency and integrity in its financial systems, positioning the country for sustainable economic growth.