President Ferdinand Marcos Jr. recently recognized the Philippine Amusement and Gaming Corporation (PAGCOR) for its vital role in the country’s successful exit from the Financial Action Task Force (FATF) grey list.
PAGCOR Chairman and CEO Alejandro H. Tengco, along with President and Chief Operating Officer Wilma Eisma, were among the officials honored during a ceremony at Malacañang Palace on Monday, May 5.
They received plaques of recognition for the agency’s efforts in addressing FATF’s concerns related to money laundering and terrorist financing which helped strengthen the country’s financial credibility and compliance with global standards.
“Being on the FATF grey list means that a country has significant deficiencies in anti-money laundering and counter-terrorism financing frameworks which negatively impact foreign investment and increase the cost of doing business,” Mr. Tengco said.
“We are honored that PAGCOR played a crucial part in this development,” Mr. Tengco added. “As the country’s gaming regulator, we will continue to ensure that our licensees adhere to all anti-money laundering rules and regulations.”
Mr. Tengco credited PAGCOR’s Anti-Money Laundering Supervision and Enforcement Department and the Anti-Money Laundering Compliance Department for enhancing their monitoring and enforcement efforts under his watch.
“Now that the Philippines is off the FATF watchlist, we expect an increase in investor trust and the flow of foreign investments,” he said.
The PAGCOR chief also noted that President Marcos’ decision to ban offshore gaming operations was a critical turning point in demonstrating the Philippines’ commitment to global financial standards.
