Marcos' POGO ban key in removing PH from FATF grey list

President Ferdinand 'Bongbong' Marcos Jr.'s decision last year to ban Philippine Offshore Gaming Operators (POGOs) contributed significantly to the Philippines being removed from the Financial Action Task Force (FATF) grey list.

Undersecretary Claire Castro of Malacañang highlighted in a DZBB interview on Sunday, March 2, that the POGO ban was crucial for demonstrating the country's improvement to FATF.

Executive Order No. 33, issued by President Marcos in July 2023, established a five-year strategy for combating money laundering, terrorism financing, and proliferation financing from 1 January 2023-31 December 2027.

Following an onsite visit from January 20-22 this year where the Philippines successfully demonstrated compliance with its action plan, FATF decided to remove the country from its grey list on February 21.

The Philippines was placed on the FATF grey list in June 2021 under the Duterte administration due to identified deficiencies in combating money laundering and terrorism financing, including regulatory supervision issues related to POGOs and delays in implementing the Anti-Terrorism Act of 2020.

Undersecretary Castro noted that removal from the FATF grey list would mean smoother financial transactions, more foreign investors, and lower remittance fees for overseas Filipino workers.