THE Philippines has been removed from the European Union’s list of high-risk third countries as of June 10, 2025.
In response, the Bangko Sentral ng Pilipinas (BSP) has pledged to further strengthen its efforts to combat financial crimes and continue implementing reforms.
BSP Governor Eli Remolona stated that the country is committed to reinforcing its defenses against money laundering and terrorism financing to maintain the confidence of the global market. This follows the Philippines’ removal from the United Kingdom’s list in March.
The BSP anticipates that the successive removals from the Financial Action Task Force (FATF) UK and EU watchlists will lead to lower remittance fees.
Furthermore, it expects to foster stronger relationships between local and international banks, contributing to economic growth. The BSP views this development as a positive step towards enhancing the Philippines’ financial standing on the global stage.
metrosundaily
