Key points:
- PAGCOR was recognised by the Philippine president for its role in the country’s exit from the FATF grey list
- Enhanced AML enforcement and the ban on offshore gaming operations were key contributing factors
The Philippine Amusement and Gaming Corporation (PAGCOR) has received formal recognition from President Ferdinand Marcos Jr. for its contribution to the Philippines' successful removal from the Financial Action Task Force (FATF) grey list.
The acknowledgement took place at Malacañang Palace on 5 May, where PAGCOR Chairman and CEO Alejandro H. Tengco and President and COO Wilma Eisma were presented with plaques of recognition.
The FATF grey list includes jurisdictions with strategic deficiencies in anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks. Removal from the list therefore reflects improved compliance with global standards.
Tengco emphasised the importance of PAGCOR's regulatory efforts, particularly through its Anti-Money Laundering Supervision and Enforcement Department and the AML Compliance Department, which intensified their oversight under his leadership.
He also credited the Government's policy direction, notably the banning of offshore gaming operators, as a key measure that reinforced the country’s commitment to financial integrity.
Commenting further on the 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.
“Now that the Philippines is off the FATF watchlist, we expect an increase in investor trust and the flow of foreign investments.”
The recognition comes shortly after PAGCOR’s announcement of strong Q1 2025 financial results, reporting an 11.2% year-on-year increase in revenue to PHP 28.07bn and a 23% growth in net income to PHP 3.43bn.
