On Monday, 05 May 2025, President Ferdinand R. Marcos Jr. acknowledged and thanked the Bureau of Customs (BOC) for its significant contribution to the Philippines’ successful exit from the Financial Action Task Force (FATF) Grey List. It took three (3) arduous years, ten (10) reporting cycles, and face-to-face encounters with the FATF before the country was finally delisted.

Recognizing the adverse effects of the grey listing, the President issued Memorandum Circular No. 37 in October 2023, directing all relevant government agencies to promptly address the action plan items imposed by the International Cooperation Review Group. The BOC is one of these agencies covered by the Circular for its role in monitoring and ensuring that only legitimate cross-border movement of cash and monetary instruments is allowed. The importance of exiting the grey list was further emphasized when the President called for a high-level meeting on the first hour of the first working day of 2024.

Under the guidance of Department of Finance Secretary Ralph G. Recto, the BOC has effectively ensured its enforcement programs were closely aligned with the country’s broader fiscal and financial governance priorities.

Working alongside its partner agencies to bolster the country’s compliance with FATF standards, the BOC’s robust border enforcement contributed directly to the country’s favorable assessment during the FATF On-site Visit in January 2025. The FATF was particularly impressed by the BOC’s key reforms, leading to a 455-fold increase in currency declarations and 194 seizures in 2024—surpassing the total interdictions in the last 10 years combined.

During the awarding ceremony, the President thanked the awardees for answering the clarion call. “The individuals we recognized today made this victory possible. They are the ones who worked towards creating a resilient framework to safeguard our financial system from criminal and terrorist activities,” the President remarked.

42 institutional partners and over 200 individuals were recognized in the ceremony. President Marcos Jr. personally awarded Certificates of Commendation to Commissioner Bienvenido Y. Rubio and Deputy Commissioner Atty. Teddy S. Raval of the Enforcement Group.

“We view this success as both a validation and a responsibility. The Bureau of Customs will continue to evolve and innovate to safeguard the country against illicit financial flows and uphold its reputation in the global community,” said Commissioner Rubio.

In addition to the recognition of Commissioner Rubio and Deputy Commissioner Raval, 10 other BOC officials and employees were also commended for their invaluable contributions to the country’s successful exit from the FATF Grey List. The commendations were conferred by National Anti-Money Laundering/Counter-Terrorism Financing Coordinating Committee (NACC) Chairman and Executive Secretary Lucas P. Bersamin. These included key figures from various collection districts and divisions, namely Ninoy Aquino International Airport District Collector Maria Yasmin Obillos-Mapa and Deputy Collector for Operations Wilnora L. Cawile; Port of Clark Deputy Collector for Passenger Service Atty. Danilo G. Ballena, Jr.; Port of Manila Deputy Collector for Operations Atty. Gerard Turiano; Chief of the Prosecution and Litigation Division Atty. Christopher Dy Buco and Atty. Rod H. Pino from the Legal Service; SP/Capt. Vincent Mark S. Malasmas, SP/Lt. Danilo A. Jamito, and Customs Operations Officer V Genilyn D. Minardo of the Enforcement Group; and Ms. Liberty Plana, Chief of the Systems Development Division, Management Information Systems Technology Group.

Photo Credit: Bangko Sentral ng Pilipinas