Palace: PH Exit from ‘Grey List’ to Boost Foreign Investments

MANILA, Philippines – Malacañang has welcomed the Financial Action Task Force (FATF) decision to remove the Philippines from its “grey list”, a designation for countries under increased monitoring for money laundering and terrorism financing.

The Paris-based FATF announced the decision after a three-day plenary session, nearly four years after the country was placed on the list.

Impact on Investments and Economy

Executive Secretary Lucas Bersamin said the Philippines’ exit from the grey list is a major win for investment attractiveness, which had been negatively affected by the country’s past “dirty money haven” reputation.

“Our well-earned exit boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Bersamin said in a statement.

He credited the achievement to structural reforms aimed at dismantling loopholes that money launderers and terrorism financiers could exploit.

Key Reforms and Policy Changes

The removal also follows the implementation of Executive Order (EO) No. 33, issued by President Ferdinand Marcos Jr. in July 2023, which outlined a national roadmap to meet FATF compliance standards.

Finance Secretary Ralph Recto called the FATF ruling a “significant step” in securing a credit rating upgrade under the Marcos administration.

“By upholding the highest standards of financial governance, we will attract more foreign investments and expand trade partnerships to accelerate economic growth. Our next goal is clear—a credit rating upgrade,” Recto said.

Benefits for Overseas Filipinos and Businesses

The Palace highlighted that the removal of compliance barriers will make cross-border transactions faster and cheaper, benefiting overseas Filipino workers (OFWs) and businesses engaged in international trade.

The Department of Finance (DOF) played a key role in this milestone as part of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC).

What’s Next?

With this momentum, the Marcos administration now aims for a credit rating upgrade, which could further enhance investor confidence and economic growth.