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, Malaca±ang 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.

According to Philippines News Agency, this move was part of a broader strategy outlined in Executive Order 33, issued by President Marcos in 2023, which sets 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 stated that removal from the FATF grey list would mean smoother financial transactions, more foreign investors, and lower remittance fees for overseas Filipino workers. She noted, “Foreign investors will not enter the Philippine market if it’s still in the grey list because there will be doubts.”