Speaker Martin Romualdez (left) and President Ferdinand "Bongbong" Marcos Jr. (Speaker's office)

House Speaker Martin Romualdez has hailed the Marcos administration for successfully maneuvering the Philippines out of the Paris-based Financial Action Task Force (FATF) dirty money grey list.

Romualdez, in a statement Saturday, Feb. 22, underscored the far-reaching benefits of the country’s removal from the grey list, and highlighted its positive impact on businesses, investors, and overseas Filipino workers (OFWs).

He says this development is especially advantageous to OFWs since it ensures the smooth, swift, and efficient remittance of their hard-earned money with lower fees.

“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,” Romualdez noted.

The Speaker called the decision a landmark achievement for the Marcos administration, and a reaffirmation of 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,”  Romualdez, Leyte's 1st district congressman, said.

The Philippines was included in the FATF grey list in June 2021 or during the previous Duterte 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,” he said.

For businesses, 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,” Romualdez declared.

The Lakas-Christian Muslim Democrats (Lakas-CMD) assured the public that the House of Representatives will remain vigilant in safeguarding financial integrity. 

He vowed that the country will never returns to the grey list and that legislative reforms will continue to support the country’s 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,” Romualdez stressed. 

Follow-up action 

Like Romualdez, economist-solon Albay 2nd district Rep. Joey Salceda says the Philippines must not rest on its laurels because of this achievement. 

"We need to continue working on other items, such as a law against bulk cash smuggling and getting rid of absolute bank secrecy," Salceda said in a separate statement Saturday.

"The latter is particularly important because it prevents us from fully implementing absolutely automatic exchange of information between other tax jurisdictions. That would allow us to catch Filipino tax evaders seeking refuge abroad, and foreign tax evaders seeking refuge in the Philippines," he explained.

Salceda is the chairman of the House Committee on Ways and Means.