PAGCOR Praised for Removing Philippines from FATF Grey List

The Philippines has achieved a major milestone in regaining global financial credibility.

Thanks to the Philippine Amusement and Gaming Corporation (PAGCOR), the country was officially removed from the Financial Action Task Force (FATF) grey list, signaling strengthened anti-money laundering (AML) and counter-terrorism financing (CTF) measures.

This achievement not only boosts the Philippines’ global reputation but also enhances investor trust and unlocks new economic opportunities.

Let’s explore how PAGCOR’s reforms helped achieve this success, what it means for the gaming sector, and what lies ahead.

PAGCOR Hailed for Leading Role in Philippines’ Exit from FATF Grey List

3 Key Points

• PAGCOR’s AML oversight and offshore gaming ban were critical in addressing FATF’s concerns.
• Philippine President Ferdinand Marcos Jr. formally recognized PAGCOR’s leadership in achieving grey list removal.
• The country now anticipates increased foreign investment and heightened confidence in its gaming and financial sectors.

PAGCOR’s Strategic Role in Strengthening Compliance

On May 5, at Malacañang Palace, Philippine President Ferdinand Marcos Jr. formally acknowledged PAGCOR’s pivotal contribution to the country’s removal from the FATF grey list.

This milestone was the result of concerted national efforts to address strategic AML and CTF deficiencies.

PAGCOR, under the leadership of Chairman and CEO Alejandro H. Tengco and President and COO Wilma Eisma, spearheaded reforms across the gaming sector, demonstrating the regulator’s firm commitment to global compliance standards.

Key Measures Behind the Achievement

PAGCOR’s success was largely driven by two major initiatives:

• Enhanced AML Supervision
  PAGCOR strengthened the operations of its Anti-Money Laundering Supervision and Enforcement Department and AML Compliance Department.
  These teams intensified monitoring, improved reporting systems, and enforced strict adherence to regulatory frameworks across licensees.
• Ban on Offshore Gaming Operators
  The Philippine government’s decision to ban offshore gaming operators (POGOs) significantly bolstered the country’s AML credentials.
  Offshore platforms had long been seen as high-risk vectors for money laundering and financial crime, and their removal signaled a new era of regulatory resolve.

Leadership Speaks: Commitment to Ongoing Integrity

Reflecting on this achievement, Tengco stated:

“We are honoured that PAGCOR played a crucial part in this development. As the country’s gaming regulator, we will continue to ensure that our licensees adhere to all anti-money laundering rules and regulations.”

He also noted that exiting the FATF grey list is expected to:

• Enhance international investor trust
• Increase foreign direct investment
• Create new economic and employment opportunities across industries

A Financially Stronger PAGCOR

PAGCOR’s regulatory achievements come on the heels of impressive financial results.
In Q1 2025, PAGCOR reported:

• PHP 28.07 billion in revenue (11.2% year-on-year growth)
• PHP 3.43 billion in net income (23% year-on-year increase)

These numbers highlight the corporation’s dual strength as a regulator and revenue generator, balancing financial performance with public trust.

What’s Next for PAGCOR and the Philippines

While the Philippines’ removal from the FATF grey list is a major victory, it also raises the bar for continued vigilance.
PAGCOR will need to:

• Maintain robust AML/CTF systems
• Collaborate closely with financial regulators
• Prepare for evolving international compliance standards

The regulator’s leadership has positioned the Philippines as a credible, stable market within Asia’s gaming and financial ecosystems.
Investors, meanwhile, will likely view the country’s gaming sector as more attractive and better safeguarded against reputational risks.

PAGCOR’s leadership in helping the Philippines exit the FATF grey list marks a landmark moment for the country’s gaming and financial sectors.

By combining enhanced AML oversight with decisive actions like the offshore gaming ban, PAGCOR has not only protected the domestic industry but also paved the way for renewed global confidence.

As the Philippines looks to the future, PAGCOR stands ready to continue driving integrity, innovation, and economic progress in one of Asia’s most promising regulated gaming markets.