President Ferdinand Marcos Jr. recently commended the Philippine Amusement and Gaming Corporation (PAGCOR) for its significant contribution to the country’s successful removal from the Financial Action Task Force (FATF) grey list.
During a recognition ceremony held at Malacañang Palace, PAGCOR chairman and CEO Alejandro H. Tengco and president and COO Wilma Eisma were among the officials honored. Both received plaques of recognition for the agency’s efforts in addressing FATF concerns related to money laundering and terrorist financing, which helped boost the country’s financial credibility and alignment with international standards.
“Being on the FATF grey list signals weaknesses in a country’s anti-money laundering and counter-terrorism financing systems, which can deter foreign investment and increase the cost of doing business,” said Tengco.
“We are proud that PAGCOR played a crucial role in this achievement,” he added. “As the country’s gaming regulator, we remain committed to ensuring that all our licensees comply with anti-money laundering laws and regulations.”
Tengco credited PAGCOR’s Anti-Money Laundering Supervision and Enforcement Department and its Compliance Department for strengthening monitoring and enforcement efforts under his leadership.
“With the Philippines now off the FATF grey list, we anticipate a rise in investor confidence and an increase in foreign investments,” Tengco said.
He also emphasized that President Marcos’ decision to ban offshore gaming operators was a pivotal move in affirming the Philippines’ dedication to upholding global financial standards.
