President Ferdinand Marcos Jr. formally commended the Philippine Amusement and Gaming Corporation (PAGCOR). He recognized PAGCOR for its vital role in helping the country exit the Financial Action Task Force (FATF) grey list.
During a ceremony at Malacañang Palace on 5 May, President Marcos awarded plaques of recognition to PAGCOR Chairman and CEO Alejandro H. Tengco and President and COO Wilma Eisma. The event highlighted PAGCOR’s significant regulatory contributions. These contributions improved the country’s anti-money laundering (AML) and counter-terrorism financing (CTF) compliance.
The FATF grey list identifies jurisdictions with strategic deficiencies in AML and CTF frameworks. Exiting the list signifies stronger adherence to international financial standards and increases global investor confidence.
Tengco credited the success to PAGCOR’s intensified oversight, led by its AML Supervision and Enforcement Department and AML Compliance Department. Under his leadership, these teams boosted their regulatory vigilance, aligning with global benchmarks.
Moreover, Tengco pointed to the government’s decisive actions. He emphasized the ban on offshore gaming operators as key in demonstrating the country’s commitment to financial integrity. According to Tengco, this policy shift sent a clear message to international observers. It significantly contributed to FATF’s decision.
“We’re honoured that PAGCOR played a key role in this success,” Tengco stated. “As the national gaming regulator, we remain committed to holding all licensees accountable to AML rules. Furthermore, we promote transparent, responsible operations.”
Now that the Philippines has been removed from the FATF watchlist, Tengco expects a rise in foreign direct investment. Additionally, he anticipates enhanced global trust in the local financial system.
The recognition followed PAGCOR’s strong Q1 2025 financial performance. The agency reported PHP 28.07 billion in revenue—an 11.2% year-on-year increase—and a 23% boost in net income. Net income reached PHP 3.43 billion. These figures further reflect PAGCOR’s expanding impact on national economic growth.
