Senator Joel Villanueva hailed the Philippines' removal from the Paris-based Financial Action Task Force (FATF) so-called "grey list” that is poised to rake in financial and economic benefits for the country.

On Friday, Feb. 21 (Paris time), the FATF, a global anti-money laundering watchdog, removed the Philippines from its ‘grey list’ after nearly four years, citing major improvements in combating money laundering and terrorism financing.

"We laud the government for taking decisive steps to combat terrorism financing and money laundering, and putting an end to POGOs which have been used as fronts for organized crimes," Villanueva said.

"This is also good news for our modern day heroes, our Overseas Filipino Workers (OFWs), as it will facilitate faster remittances and lower transaction costs," he added.

Villanueva also commended the Anti-Money Laundering Council (AMLC) for responding to our call during last year’s budget deliberations to closely monitor billion-peso transactions, which have contributed to the country's inclusion in the grey list for the past three years.

He said that the issues surrounding Philippine Offshore Gaming Operators (POGOs) have impacted the Philippines' global reputation, and its permanent ban has also contributed to this positive development.

Villanueva urged the government as well as the private sector to continue working towards a more robust economy and a credible financial position in the years ahead.

"With a stronger, credible, and transparent financial system, we are now in a better position to attract more foreign investments, create jobs, and drive economic growth," he said.