Marcos Jr. honors officials for FATF gray list removal

President Ferdinand R. Marcos Jr. awarded 29 government officials from various agencies for their role in the Philippines' removal from the Financial Action Task Force (FATF) gray list.

The Philippines was removed from the FATF gray list in February 2025, after being flagged for strategic deficiencies in June 2021.

Marcos Jr. described the exit as a "very, very important achievement," signifying a victory against money laundering and terrorism financing.

This development is expected to lead to a simpler and more affordable financial system for Filipinos, potentially lowering costs for Overseas Filipino Workers (OFWs) sending remittances.

The removal from the gray list is also anticipated to reduce hurdles for businesses in securing international financing and encourage foreign investment.

Inclusion in the FATF gray list had previously posed reputational risks, affected the nation's global standing, raised red flags for investors, and added scrutiny to businesses and financial institutions.

Among those honored were officials from the Office of the President, Bangko Sentral ng Pilipinas, Departments of Finance, Interior and Local Government, Justice, Social Welfare and Development, Trade, the Philippine Amusement and Gaming Corp., and the Insurance Commission.