The Philippines is no longer on the Financial Action Task Force (FATF) grey list, a move that House Speaker Martin Romualdez described as “good news” for overseas Filipino workers (OFWs).
Following its February review, the Paris-based FATF removed the country from the monitoring list for nations with deficiencies in anti-money laundering and counter-terrorism financing efforts.
“This is particularly good news for our OFWs, whose hard-earned remittances will now be processed faster and with lower fees,” Romualdez said on Saturday.
He emphasized that regaining the country’s financial standing will ease restrictions, lower transaction costs, and improve the flow of financial services.
The Philippines had been under FATF monitoring since 2021. Authorities previously warned that failure to address the FATF’s concerns could have led to a downgrade to the black list, which would have resulted in tighter financial restrictions and possible refusal of transactions by other countries.
