The Philippines’ removal from the Financial Action Task Force (FATF) grey list is a welcome development that is poised to rake in financial and economic benefits for our country. We laud the government for taking decisive steps to combat terrorism financing and money laundering, and putting an end to POGOs which have been used as fronts for organized crimes.
This is also good news for our modern day heroes, our Overseas Filipino Workers (OFWs), as it will facilitate faster remittances and lower transaction costs.
We commend the Anti-Money Laundering Council (AMLC) for responding to our call during last year’s budget deliberations to closely monitor billion-peso transactions, which have contributed to the country’s inclusion in the grey list for the past three years.
The issues surrounding POGOs have impacted our global reputation, and its permanent ban has also contributed to this positive development.
We strongly urge the government as well as the private sector to continue working towards a more robust economy and a credible financial position in the years ahead.
With a stronger, credible, and transparent financial system, we are now in a better position to attract more foreign investments, create jobs, and drive economic growth.
