MANILA — The Bangko Sentral ng Pilipinas (BSP) has reaffirmed its commitment to fighting financial crimes and aligning with global standards following the Philippines’ removal from the European Union’s (EU) list of high-risk third countries on June 10, 2025 — the country’s third such exit this year.

“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” BSP Governor Eli M. Remolona said.

Remolona, who also chairs the Anti-Money Laundering Council (AMLC), said work continues to improve the country’s capacity to combat financial crimes and keep pace with international standards.

The EU’s decision cited stronger effectiveness in the Philippines’ AML/CTPF framework and the resolution of technical deficiencies previously flagged by the Financial Action Task Force (FATF).

The Philippines was earlier removed from the United Kingdom’s high-risk third country list on March 27, 2025, following the FATF plenary in February. It had also exited the FATF’s own gray list this year.

These developments signal growing international confidence in the country’s financial safeguards and are expected to lead to lower remittance fees and stronger ties between Philippine banks and foreign counterparts, boosting business activity.