The Philippines is on course to exit the Financial Action Task Force’s (FATF) gray list by next month, according to Bangko Sentral ng Pilipinas Governor Eli Remolona. The FATF recently completed an onsite visit to assess the country’s progress in addressing anti-money laundering and counterterrorism financing (AML/CFT) deficiencies. The Philippines has been on the list since June 2021 but was earlier deemed to have substantially met FATF recommendations. Officials say removal from the gray list would boost investor confidence and reduce financial burdens, particularly for overseas Filipino workers facing high remittance costs. However, experts stress the need for sustained reforms, including lifting the Bank Secrecy Act.