Millions of Filipino families depend on remittances from relatives working abroad, businesses rely on smooth cross-border payments, and foreign investors need confidence in the financial system. All of these could be affected if the Philippines returns to scrutiny by the Financial Action Task Force (FATF), a global body that monitors countries for money laundering and terrorism financing risks.
Why Regulators Are Worried
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. warned that corruption linked to flood control and major infrastructure projects could put the Philippines back on the FATF grey list. The country was removed from monitoring in early 2025 after implementing major reforms, which helped make international payments easier and lowered costs for cross-border transfers, while restoring investor confidence.
However, recent investigations into corruption have raised concerns that illicit funds may still be moving through parts of the financial system.
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