The Bangko Sentral ng Pilipinas (BSP) said the country’s removal from the European Union’s (EU) list of high-risk third countries is expected to ease financial transactions, lower remittance costs, and strengthen the standing of local banks with international counterparts – developments seen to benefit businesses and overseas Filipino workers alike.

The EU delisted the Philippines on 10 June, citing improvements in the country’s anti-money laundering and counter-terrorism financing framework, as well as the resolution of technical gaps earlier flagged by the Financial Action Task Force (FATF).

“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” BSP Governor Eli Remolona Jr. said.

The BSP Governor, who also chairs the Anti-Money Laundering Council, added that work continues to ensure the Philippines keeps pace with evolving global standards in financial crime prevention.

The EU’s move follows similar decisions by the United Kingdom in March and the FATF earlier this year, marking the country’s third successful exit from international watchlists in 2025.

BSP said the development signals growing international confidence in the Philippine financial system, with expected benefits including smoother cross-border transactions, lower compliance costs for banks, and a more favorable environment for foreign investors.