SPEAKER Ferdinand Martin G. Romualdez on Saturday commended President Ferdinand R. Marcos Jr. for the Philippines’ successful removal from the Paris-based Financial Action Task Force (FATF) dirty money grey list, highlighting that 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.
Speaker Romualdez 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,” Speaker 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’ 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 in June 2021 or during the previous administration.
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,” Speaker Romualdez added.
For businesses, Speaker 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.
“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,” Speaker Romualdez declared.
Speaker Romualdez 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.
“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 stressed.
