SENDING money home is about to become easier and more affordable for overseas Filipino workers (OFWs), following the Philippines’ removal from the Financial Action Task Force (FATF) gray list, according to the Department of Migrant Workers (DMW).
“It’s a good news for our OFWs and their families as the removal of the Philippines from the FATF grey list means lower remittance fees for our modern-day heroes, and more secure financial transactions through the whole-of-government efforts led by President Marcos Jr.,” Migrant Workers Secretary Hans Leo Cacdac said in a news release on Tuesday.
Cacdac said this development, driven by reforms achieved under the leadership of President Ferdinand R. Marcos Jr., would also mean fewer documentary requirements for OFWs when transferring money to their families in the Philippines.
He added this would also allow easier access to international financial transactions and global financing for OFWs, offering stronger protection against money laundering and terrorism financing with a stable and trustworthy financial system, especially for those venturing into business.
Cacdac said the Philippines’ exit from the gray list is definitely a “big win” for the OFWs, as lower remittance costs mean more of their hard-earned money reaches their families, without the burden of high fees or complicated processes.
The FATF gray list includes countries under increased monitoring for risks related to money laundering and terrorism financing.
The Philippines was listed by the FATF in 2021 due to 18 deficiencies as identified by the international watchdog, including money laundering in casinos and lack of prosecution for terrorism funding cases.
President Marcos responded by ordering a whole-of-government effort to address the concerns, culminating in Executive Order No. 33 and a comprehensive anti-money laundering and counter-terrorism financing strategy.
Beyond easing the financial burden on OFWs, the improved standing is expected to attract more foreign investment, stabilize the banking system, and open broader access to global financing for Filipino businesses.
“With a more trustworthy financial system, we are laying the groundwork for a stronger and more inclusive economy under Bagong Pilipinas,” the DMW said. (Marita Moaje)
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