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Manila Bulletin devider Philippines devider National devider PH's exit from FATF grey list good for OFWs, migrant Pinoys—DFA

PH's exit from FATF grey list good for OFWs, migrant Pinoys—DFA

Published Mar 7, 2025 04:57 am

The Philippines exit from the so-called "grey list" of the Paris-based Financial Action Task Force (FATF)creates a positive impact to the whole Filipino diaspora, including overseas Filipino workers (OFWs) and migrants.

Filipinos in Brunei.jpg
Filipino community in Brunei (Photo courtesy of PCO)

The Department of Foreign Affairs (DFA) made the statement as it welcomed the country's exit from the FATF Jurisdictions Under Increased Monitoring or grey list on Feb. 21.

In its statement on March 6, the DFA said the milestone achievement signals a safer and more steady investment climate as instituted measures result in enhanced confidence in transacting with Philippine institutions.

It could also lead to lower interest rates and reduced possibility of de-risking, it added.

It underscored that this impact also extends to overseas Filipinos as it opens up greater opportunities for the inflow of remittances and investments.

"The positive impact also extends to the whole Filipino diaspora, which includes OFWs and Filipino permanent and temporary migrants, as it opens up greater opportunities for the inflow of remittances and investments of our countrymen to the Philippines, increasing the participation of our Filipino communities around the world in nation-building, including supporting the Philippine economy's important role in the successful reintegration of our nationals," the DFA said.

The Foreign Affairs department attributed the country's exit from the grey list to the whole-of-nation effort backed by high level political commitment and solid institutional reforms.

It added that the effort "saw the strengthening of the country's anti-money laundering and counter-terrorism financing (AML/CFT) posture, fulfilling its FATF Action Plan commitments to address strategic deficiencies."

The FATF is an international watchdog that sets standards for combating money laundering and terrorism financing. Placement on the "grey list" indicated weaknesses in the Philippines’ financial systems that criminals could exploit.

READ MORE: Philippines exits FATF grey list: What it means for businesses

Related Tags

Department of Foreign Affairs OFWs FATF grey list
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