SPEAKER Ferdinand Martin G. Romualdez has commended President Ferdinand R. Marcos Jr. for the Philippines’ successful removal from the Paris-based Financial Action Task Force (FATF) dirty money grey list.

This milestone will also benefit overseas Filipino workers (OFWs) by ensuring the smooth, swift, and efficient remittance of their hard-earned money with lower fees, RomualdeZ said.

The House leader underscored the far-reaching benefits of the country’s removal from the grey list, highlighting its positive impact on businesses, investors, and OFWs.

“By restoring our standing in the global financial community, we are removing burdensome restrictions, reducing transaction costs, and allowing financial flows to move more efficiently. This is particularly good news for our OFWs, whose hard-earned remittances will now be processed faster and with lower fees,” Romualdez noted.

The Speaker called the decision a landmark achievement for the Marcos administration that reaffirms the nation’s commitment to financial integrity, transparency, and global economic leadership.

The Philippines was included in the FATF grey list in June 2021 or during the administration of former President Rodrigo Duterte.

The Speaker emphasized the pivotal role played by the House of Representatives in ensuring legislative reforms that strengthened the country’s anti-money laundering and counter-terrorism financing frameworks, which were key conditions for the Philippines’ removal from the list.

“We in the House worked closely with the Executive Branch, the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC), and other key institutions to pass and implement crucial financial measures that paved the way for this success,” Romualdez added.

For businesses, Romualdez said this milestone boosts investor confidence, encourages foreign direct investment (FDI), and enhances trade relations, positioning the country as a premier economic hub in the region.

The Speaker credited the strong leadership of President Marcos, whose Executive Order (EO) No. 33 in 2023 set the roadmap for fulfilling the FATF’s action plan.

Speaker Romualdez then assured that the House of Representatives will remain vigilant in safeguarding financial integrity, ensuring that the country never returns to the greylist and that legislative reforms continue to support economic resilience and inclusive growth.

AUTHOR PROFILE

Jester P. Manalastas