Malacañang has welcomed the country's much-wanted exit from the Financial Action Task Force (FATF) greylist, saying the development reaffirms the government's actions are aligned with international standards.

In a statement, Executive Secretary Lucas Bersamin said the country's exit from the said list enhances the country's economic competitiveness.

"This recognition affirms that the Philippines’ AML/CTF/CPF framework aligns with global standards," he said.

"It supports our vision to enhance economic competitiveness for the benefit of our people," he added.

The former Chief Justice said the Philippines' well-earned exit from the greylist boosts the country's drive to attract job-creating, growth-inducing foreign direct investments.

"For so long, our investment attractiveness has been dragged down by this dirty money haven label," he said.

"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 added.

According to Bersamin, the administration's win against money laundering will be preserved and protected through consistent compliance with global standards.

Bersamin is the chairman of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing (AML/CTF/CPF) Coordinating Committee (NACC).

The FATF initially placed the Philippines on its greylist in 2021, requiring the country to address 18 action items to secure its removal. The country's removal from the list followed FATF's onsite visit to the country from Jan. 20 to 22.

President Marcos played a key role in securing the country’s exit from the greylist. In July 2023, he issued Executive Order No. 33, which served as a roadmap for addressing the action plan imposed by the FATF.

The President further underscored the urgency of exiting the greylist by issuing additional directives in October 2023 and January 2024.

Bangko Sentral ng Pilipinas (BSP) Governor and Anti-Money Laundering Council (AMLC) Chairman Eli Remolona Jr. highlighted the collaborative effort behind the achievement.

"This achievement is a result of strong cooperation within the government as well as the private sector," he said.

"It also complements our ongoing efforts to make the financial system a stronger driver of sustainable growth," he added.

According to the AMLC, the exit will reduce international fund transfer requirements, benefitting Filipino individuals and businesses.

"Exiting the FATF grey list is a significant step in strengthening the Philippines’ financial system and maintaining global confidence," it said.

"The government remains committed to ensuring long-term compliance with international standards," it added.