Statement of Senator Joel Villanueva on the removal of the Philippines in the FATF grey list

PHILIPPINES, February 22 - Press Release
February 22, 2025

Statement of Senator Joel Villanueva on the removal of the Philippines in the FATF grey list

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.

(Filipino version)

Welcome development po ang pagkawala ng Pilipinas sa grey list ng Financial Action Task Force (FATF) na magdadala ng benepisyong pampinansyal at pang-ekonomiya sa ating bansa.

Nagpapasalamat po tayo sa pamahalaan sa kanilang matibay na hakbang upang labanan ang terrorism financing at money laundering, pati na rin ang pagpapatigil sa mga POGO na ginamit sa iba't-ibang krimen.

Magandang balita rin po ito para sa ating mga bagong bayani, ang ating mga Overseas Filipino Workers (OFWs), dahil mapapadali nito ang pagpapadala ng remittance at pagbaba ng mga transaction fees.

Nagpapasalamat rin po tayo sa Anti-Money Laundering Council (AMLC) sa kanilang pagtugon sa ating panawagan sa budget deliberations noong nakaraang taon upang mahigpit na bantayan ang mga bilyon-pisong transaksyon na naging dahilan ng pagkakasama ng bansa sa grey list sa nakalipas na tatlong taon.

Ang mga isyung may kaugnayan sa POGO ay lubos na nakakaapekto sa reputasyon ng bansa, at ang permanenteng pag-ban nito ay nakatulong sa positibong balitang ito.

Hinihikayat po natin ang pamahalaan at ang pribadong sektor na ipagpatuloy ang pagsisikap tungo sa mas matatag na ekonomiya at isang mapagkakatiwalaang financial position sa mga darating na taon.

Sa isang mas malakas, maaasahan, at transparent na financial system, mas handa na tayo upang makahikayat ng mas maraming foreign investments, makalikha ng maraming trabaho, at mapalakas ang paglago ng ekonomiya.