By Darryl John Esguerra
MANILA – President Ferdinand R. Marcos Jr.’s decision to ban Philippine Offshore Gaming Operators (POGOs) played a crucial role in the country’s removal from the Financial Action Task Force (FATF) grey list, Malacañang said on Sunday.
In a radio interview, Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro emphasized that the POGO issue was a significant reason for the Philippines’ inclusion in the grey list.
“This is a huge factor for FATF to see the improvement and President Marcos really wants everything to be fixed, through Executive Order 33, to follow the recommendation, and do everything that needs to be done for us to be removed from the grey list” Castro said in Filipino.
Issued by the President in 2023, EO 33 establishes the country’s anti-money laundering, counter-terrorism financing, and counter-proliferation financing strategy for 2023-2027.
The FATF, a global financial watchdog, recently announced that the Philippines is no longer under increased monitoring, ending its grey list status that began in June 2021.
The 39-member organization sets international standards to help authorities combat illicit financial activities, including drug trafficking, arms smuggling and cyber fraud.
Marcos ordered a total ban on POGOs last year due to their links to crimes such as human trafficking, prostitution and murder.
Castro said removal from the FATF grey list would mean smoother financial transactions, more foreign investors and lower remittance fees for overseas Filipino workers.
“Foreign investors will not enter the Philippine market if it’s still in the grey list because there will be doubts,” she said. (PNA)
