Manila: 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).

According to Philippines News Agency, Migrant Workers Secretary Hans Leo Cacdac stated in a news release that this development, driven by reforms under President Ferdinand R. Marcos Jr.’s leadership, will result in lower remittance fees and fewer documentary requirements for OFWs transferring money to their families in the Philippines. This move is seen as part of a larger effort to secure financial transactions and strengthen the nation’s financial system.

Cacdac emphasized that the exit from the gray list not only benefits OFWs by reducing costs but also simplifies the process, allowing more of their earnings to reach families without the high fees and complex procedures. The change also opens doors for easier access to international financial transactions and global financing, offering stronger protection against money laundering and terrorism financing.

The FATF gray list identifies countries that require increased monitoring due to risks associated with money laundering and terrorism financing. The Philippines’ inclusion in 2021 was due to 18 deficiencies, such as money laundering in casinos and insufficient prosecution of terrorism funding cases. President Marcos tackled these issues through a coordinated government effort, leading to Executive Order No. 33 and a comprehensive strategy against money laundering and terrorism financing.

The improved financial standing is anticipated to attract more foreign investment, stabilize the banking system, and widen global financing access for Filipino businesses. The DMW expressed optimism that a more trustworthy financial system will pave the way for a stronger, more inclusive economy under the initiative ‘Bagong Pilipinas.’