Philippines Risk Return to FATF Grey List Over Unregulated Gambling

^{Pictured: Eli M. Remolona Jr., Governor of the Bangko Sentral ng Pilipinas}

At the Manila Tech Summit (August 26–27), Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. warned that unresolved issues in regulating online gambling could put the Philippines at risk of returning to the Financial Action Task Force’s (FATF) grey list*, The Manila Times reported.

When asked whether shortcomings in online gambling oversight could trigger renewed FATF scrutiny, Remolona confirmed the risk, citing money laundering threats in the sector. Still, he expressed optimism that the situation could be stabilized and that effective tools to curb illegal online gambling would be developed.

“We hope that someone can do something about that. We do not have authority on that,” the governor stated.

Ironically, a surge in illegal gambling activity among Filipinos followed a BSP directive issued under Remolona’s leadership. According to research firm The Fourth Wall, after the August 14 order instructing payment systems to remove links to gambling sites, the number of users turning to illegal platforms rose by 40%, while the legal gambling segment saw its audience shrink by 70%.

The Philippines was removed from the FATF grey list in February 2025 after completing an action plan to address deficiencies in anti–money laundering efforts. A key factor was the crackdown on offshore gaming operators (POGOs). The country had been on the list since June 2021 for failing to effectively combat illicit financial flows.

Gambling Park notes that the Philippines saw a spike in gambling license applications following its removal from the FATF grey list.

* The FATF grey list includes jurisdictions with strategic deficiencies in anti–money laundering and counter–terrorist financing measures, but which are actively working with FATF to address them.