Finance Secretary Ralph G. Recto has lauded the Philippines’ successful exit from the Financial Action Task Force’s (FATF) grey list, which is a significant step for the country to secure a credit rating upgrade under the Marcos, Jr. administration. 

On February 21, 2025, the global anti-money laundering watchdog announced that the country is no longer part of its list of jurisdictions under increased monitoring, marking the end of its grey list status since June 2021.

The Philippines has also been cited as a model and regional leader in addressing financial integrity issues in the international financial system. 

“This is a landmark achievement of the Marcos, Jr. administration. It’s a seal of good housekeeping that strengthens public confidence in our financial system. I thank all of those in the government who worked tirelessly to achieve this goal,” Secretary Recto said.

“This will directly benefit our remitting overseas Filipino workers, businesses, and the Filipino people. By upholding the highest standards of financial governance, we will attract more foreign direct investments and expand more trade partnerships that will help accelerate economic growth. With this momentum, our next goal is clear—a credit rating upgrade within the Marcos Jr. administration,” he stressed.

President Ferdinand R. Marcos, Jr. made the country’s FATF exit a top priority, issuing Executive Order No. 33 in 2023 to fast-track compliance with global financial standards.

The Department of Finance (DOF) played a key role in this achievement as 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.