House Speaker Martin Romualdes commended President Ferdinand Marcos Jr.’s administration for the Philippines’ successful removal from the Paris-based Financial Action Task Force (FATF) dirty money grey list, adding that it benefits overseas Filipino workers (OFWs), investors and businesses.
In a press release on Saturday, February 22, the House Speaker highlighted how the recent milestone would benefit OFWs by ensuring a smooth, swift, and efficient remittance of their hard-earned money with lower fees. Moreover, its benefits extend to positively impacting businesses and investors as well.
“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 said.
“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,” he added.
The Speaker deemed it a landmark achievement for the Marcos administration, stating that it reaffirms the nation’s commitment to “financial integrity, transparency, and global economic leadership.” Romualdez also highlighted the House of Representatives role in ensuring that legislative reforms strengthen the country’s anti-money laundering and counter-terrorism financing frameworks. According to the former, these were key conditions for the country’s 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, the milestone would make way for investor confidence, encourage foreign direct investment (FDI), and enhance trade relations. This would allow the country to shift its position and be considered as a premier economic hub in the region, the Speaker said.
“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 highlighted.
“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,” he ended.
