The Department of Finance (DOF) was among government agencies lauded by President Ferdinand Marcos Jr. for its key role in the Philippines’ successful exit from the Financial Action Task Force’s (FATF) grey list.
The Philippines exited the FATF’s list of jurisdictions under increased monitoring on Feb. 21, 2025, ending its grey list status since June 2021.
The DOF is part of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC), an inter-agency body overseeing the National AML/CTF/CPF Strategy (NACS) and its implementation across relevant agencies.
Finance Secretary Ralph Recto had said the country’s removal from the grey list served as a “seal of good housekeeping” that strengthened public confidence in its financial system.
He said this directly benefited overseas Filipino workers sending remittances, businesses and the Filipino people. By upholding high standards of financial governance, the Philippines would attract more foreign direct investment and expand trade partnerships, helping accelerate economic growth, he said.
The president awarded certificates of commendation, plaques and citations of recognition to the heads of the agencies and other key individuals at Malacañang on May 6, 2025.
Among those recognized 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 Corp. (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.
Marcos said that following the grey list exit announcement, the Philippines had 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.
