The Department of Finance (DOF) was among the government agencies lauded and recognized by President Ferdinand R. Marcos, Jr. for playing a key role in the Philippines’ successful exit from the Financial Action Task Force’s (FATF) grey list.
The Philippines made its exit from the FATF’s list of jurisdictions under increased monitoring on February 21, 2025, marking the end of its grey list status since June 2021.
The DOF is a member of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC), the inter-agency body responsible for overseeing the National AML/CTF/CPF Strategy (NACS) and guiding its implementation across relevant agencies.
Finance Secretary Ralph G. Recto previously said that the country’s grey list exit serves as a seal of good housekeeping that strengthens public confidence in its financial system.
He emphasized that this directly benefits the remitting overseas Filipino workers, businesses, and the Filipino people. By upholding the highest standards of financial governance, the Philippines will attract more foreign direct investments and expand more trade partnerships that will help accelerate economic growth.
The President awarded certificates of commendation, plaques, and citations of recognition to the heads of the agencies and other key individuals in Malacañan on May 6, 2025.
Among those given recognition were the DOF’s attached agencies, such as the Bureau of Customs (BOC), Securities and Exchange Commission (SEC), and Insurance Commission (IC).
Other agencies recognized were the Bangko Sentral ng Pilipinas (BSP), Department of the Interior and Local Government (DILG), Department of Justice (DOJ), Department of Social Welfare and Development (DSWD), Department of Trade and Industry (DTI), Philippine Amusement and Gaming Corporation (PAGCOR), Office of the Ombudsman, National Bureau of Investigation (NBI), and the Philippine Coast Guard (PCG).
The Philippine Drug Enforcement Agency (PDEA), Philippine National Police (PNP), Cagayan Economic Zone Authority (CEZA), the National Intelligence and Coordinating Agency (NICA), Armed Forces of the Philippines (AFP), Supreme Court of the Philippines (SC), and the Presidential Anti-Organized Crime Commission (PAOCC) were also awarded by the President.
President Marcos Jr. said that following the grey list exit announcement, the Philippines emerged victorious in its fight against money laundering and terrorism financing.
“Overall, it means stronger safeguards against money laundering, terrorist financing, and proliferation financing—threats that have no place in a nation on the path towards genuine and inclusive growth,” the President said.
