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Tuesday, February 15, 2005
Delisting boosts image of RP among investors
THE Philippines' removal from the Financial Action Task Force (FATF) list of "non-cooperative countries and territories" would boost investor confidence and improve the country's image as a haven for business.
Representatives Vincent J. Garcia of Davao City, member of the House committee on economic affairs, and Antonio Cuenco of Cebu City, chairman of the committee on foreign affairs, said the FATF move was in recognition of the country's serious efforts to combat money laundering and terrorist financing.
The Philippines passed an anti-money laundering law in 2002, as the country's contribution to global effort against terrorist financing.
Representative Garcia (2nd District, Davao City) said: "The law provided the country legal protection from the infusion of laundered money into the economy."
"There is no way we will allow dirty money to run through our economy. We have proven our capability to resist the flow of laundered money. We have effectively thwarted attempts by terrorist groups to channel their funds through our banking system," Cuenco said in a joint press statement from the House Monday.
The FATF withdrew the Philippines from its blacklist along with Indonesia and Cook Islands on the last day of its plenary session last Friday. Still on the list are Myanmar, Nauru and Nigeria.
The FATF was another piece of good news for the Arroyo administration, which is currently implementing fiscal reforms to sustain economic growth.
For Bisaya stories from Davao. Click here.
(February 15, 2005 issue)
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