Marcos recognises PAGCOR's role in Philippines' exit from FATF grey list
The Philippine Amusement and Gaming Corporation (PAGCOR) has been recognised for its role in the Philippines’ removal from the Financial Action Task Force (FATF) grey list, with President Ferdinand Marcos Jr. commending the agency for its contributions during a ceremony at Malacañang Palace on Wednesday.
“Today marks a victory, but let me be clear: The work is not yet finished. The journey continues. More importantly, we need to exert twice the effort to sustain our progress,” Marcos said in his speech.
PAGCOR Chairman and CEO Alejandro Tengco, alongside President and COO Wilma Eisma, received plaques of recognition for the agency’s involvement in enhancing the country’s compliance with international financial standards. “Being on the FATF grey list means that a country has significant deficiencies in anti-money laundering and counter-terrorism financing frameworks which negatively impact foreign investment and increase the cost of doing business,” Tengco explained.
Regulatory enforcement and interagency collaboration
Tengco highlighted that the corporation’s Anti-Money Laundering Supervision and Enforcement Department and the Anti-Money Laundering Compliance Department had intensified monitoring and enforcement under his leadership. The agency said that these efforts were instrumental in helping the country meet the FATF’s compliance benchmarks.
“We are honoured that PAGCOR played a crucial part in this development,” Tengco said. “As the country’s gaming regulator, we will continue to ensure that our licensees adhere to all anti-money laundering rules and regulations.”
Tengco noted that the removal from the grey list would help restore investor confidence. “Now that the Philippines is off the FATF watchlist, we expect an increase in investor trust and the flow of foreign investments,” he said.
POGO ban seen as turning point
One of the pivotal actions credited for the Philippines’ exit was the government’s move to shut down Philippine Offshore Gaming Operators (POGOs), which had drawn international scrutiny due to weak oversight and allegations of money laundering. The POGO ban was formalised through an Executive Order (EO).
The FATF placed the Philippines on its grey list in June 2021, citing weaknesses in the financial system’s safeguards. After nearly four years of reforms, including increased interagency cooperation and stricter licensing for high-risk sectors, the Philippines was removed from the list in February 2025.
“We must work even harder to institutionalise reforms. We must tighten our enforcement against money laundering and terrorism financing,” the President said. “We must strengthen our financial system so that it can withstand the more sophisticated and technologically advanced challenges faced by the financial sector.”
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