The Philippines remains on the Financial Action Task Force’s (FATF) gray list, prompting concerns from the Anti-Money Laundering Council (AMLC) about reputational damage and potential blacklisting. Despite efforts to exit the list, missed deadlines have extended the country’s monitoring status since June 2021. AMLC Executive Director Matthew M. David warns that prolonged gray list inclusion could lead to heightened risks and financial scrutiny. Central bank governor Eli M. Remolona Jr. suggests that failure to leave the gray list might result in correspondent banks cutting ties, although he deems blacklisting unlikely. Blacklisting could enforce severe countermeasures, affecting international financial relations and operations with the Philippines.