Malacañang expects an increase in foreign direct investments after the Philippines was removed from the Financial Action Task Force’s (FATF) grey list earlier this week. 

The Philippines was removed from the list of nations flagged for weak anti-money laundering safeguards after the FATF acknowledged that the country was able to “meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in June 2021.”

“Our well-earned exit from the Financial Action Task Force’s (FATF) grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Executive Secretary Lucas Bersamin said in a statement.

“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” he said.

Bersamin credited the country’s exit from the grey list to the “multiple moves made” the administration pushed to “finally dismantle structures that could be exploited by money launderers and terrorism financiers.”

“For so long, our investment attractiveness has been dragged down by this dirty money haven label,” the Executive Secretary said.

“This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards.”

The Anti-Money Laundering Council (AMLC) earlier said that “the exit will reduce international fund transfer requirements, benefitting Filipino individuals and businesses.”

Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Eli Remolona, Jr. called the feat a result of “strong cooperation” between the government and the private sector.