The government’s decision to ban all Philippine Offshore Gaming Operators (POGOs) played a significant role in the Philippines' removal from the Financial Action Task Force (FATF) grey list, Malacañang said Sunday.
In a radio interview, Palace Press Officer Undersecretary Claire Castro said President Ferdinand “Bongbong” R. Marcos Jr.’s issuance of Executive Order 33, or the POGO ban, was a decisive act that required the government to adhere to the recommendations and implement all the necessary actions to remove the Philippines from the FATF grey list.
“Napakalaking pong naging factor ito para makita ng FATF ‘yung improvement (This POGO ban was a very big factor in showing the FATF the improvement),” Castro said.
In November last year, Marcos issued an executive order directing the immediate ban on Philippine offshore gaming, internet gaming, and other offshore gaming operations in the country.
The ban on POGOs/IGLs and other offshore gaming operations shall encompass illegal offshore gaming operations, license applications, license renewals, and cessation of operations.
Castro explained that when a country is put on the grey list, it becomes difficult for overseas workers to make smooth transactions, particularly regarding financial operations and other monetary deals.
Based on data from September 2024, the Philippine Statistics Authority (PSA) has logged an estimated 2.16 million overseas Filipino workers (OFWs) who are currently working abroad.
“Kung anuman ang rekomendasyon, lahat ng dapat na gawin ay gawin para po matanggal tayo sa grey list kasi malaking pong bagay ito lalong-lalo na sa mga OFWs at sa mga investors (Whatever the recommendations are, everything that needs to be done should be done so we can be removed from the grey list because this is a big deal, especially for OFWs and investors),” she said.
The FATF serves as a global watchdog that sets international standards against money laundering and terrorism financing.
Being included in the grey list of countries means actively working with the FATF to improve their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.
Marcos earlier pushed for the country’s exit from the FATF grey list to help millions of Filipinos benefit from smoother remittances globally and increase investors’ confidence in the Philippine economy.
In 2021, the Philippines was placed on the FATF grey list after the international watchdog highlighted 18 deficiencies that the government needed to resolve to combat money laundering and terrorism financing.
On Saturday, Castro announced the Philippines’ removal from the list, as she credited this progress to the government's initiatives and reforms in addressing money laundering and terrorism financing.
She added that this development would serve as a significant achievement for the country, as it leads to smoother financial transactions, increased foreign investments, and reduced remittance fees for OFWs.