Philippines exits FATF grey list, raises human rights concerns

The Philippines has exited the Financial Action Task Force (FATF) grey list, reflecting significant progress in its financial systems but raising concerns over government methods.

Senate President Francis Escudero attributed this achievement to the administration's commitment to combat dirty money and decades of efforts by authorities to regain global trust.

Escudero highlighted that the removal from the FATF grey list was a result of continuous work with the FATF to address remaining obstacles, emphasizing its importance for international credit access and foreign investment.

However, human rights groups have criticized the government for filing an increased number of terror-financing cases against activists and progressive NGOs to meet FATF requirements.

Analysts note that sustained reforms are necessary to maintain progress and attract foreign direct investments, but they also emphasize the need for human rights safeguards.