STATEMENT OF SEN. WIN GATCHALIAN ON PH REMOVAL FROM FATF GRAY LIST

The removal of the Philippines from the Financial Action Task Force gray list, less than two months after the ban on POGOs took effect, is yet another proof that the country is in a much better position economically without POGOs.

A reversal of the reputational damage brought to the country by POGOs, the FATF's action is a recognition of the country's efforts in combating financial crimes, including money laundering, organized crime, and terrorism. This reaffirms what we have long maintained.

I am confident that the country's removal from the FATF gray list will enhance the country's efforts to attract more foreign direct investments necessary to sustain economic growth and generate employment.

Still, the government should sustain efforts to address potential risks and to further strengthen regulations to deter illicit financial flows.