Speaker Romualdez: PH exit from FATF dirty money grey list strengthens confidence economy
SPEAKER Ferdinand Martin G. Romualdez praised President Ferdinand R. Marcos Jr. after the Philippines was removed from the dirty money grey list of the Financial Action Task Force (FATF) based in Paris, which would benefit the overseas Filipino worker (OFWs) because it would lower the fees on the remittance that they send to their love ones in the country.
Speaker Romualdez also recognized that the extensive impact of the Philippines removal from the grey list would not only benefit the OFWs but also the businesses in the country.
“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,” said Speaker Romualdez.
The Speaker also considered this as a milestone in the Marcos administration that shows the country’s efforts toward achieving financial integrity, transparency and global economic leadership.
“The Philippines’ exit from the FATF grey list is a monumental victory for our economy and a resounding testament to our collective resolve to uphold the highest standards of financial governance. It restores global confidence in our financial institutions and opens the floodgates for greater investments, economic growth, and international partnerships,” Speaker Romualdez said.
The Philippines was included in the FATF grey list on June 2021, or during the previous administration.
The House Speaker also stressed the contribution of the House of Representatives in passing legislative reforms that strengthened the anti-money laundering and the country’s counter-terrorism financing framework which was a condition set to remove the Philippines 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,” Speaker Romualdez added.
As for the investments, Speaker Romualdez said this would also strengthen the trust of investors, encourage foreign direct investment (FDI), and strengthen trade relations to position the country as a premiere economic hub in the region.
The Speaker also gave credit to the strong leadership of President Marcos who laid out the roadmap to be able to comply with the FATF action plan, through Executive Order (EO) No. 33 that was issued in 2023.
“This milestone underscores that Bagong Pilipinas is not just a vision—it is an era of decisive governance, where reforms are pursued with discipline, unity, and determination. Under President Marcos’ leadership, we have shown the world that the Philippines is ready to take its place among the most trusted economies,” revealed Speaker Romualdez.
Speaker Romualdez also assured that the House of Representatives would continue to monitor the financial integrity and ensure that the Philippines would no longer be included in the grey list, and to support all the legislative reforms in order to support economic resilience and inclusive growth.
“As we celebrate this achievement, we remain steadfast in our commitment to sound governance, fiscal discipline, and national progress. The House of Representatives will continue to champion reforms that secure our financial future and bring prosperity to every Filipino,” Speaker Romualdez said.
