Philippines secures ADB assistance to combat financial crimes

MANILA, Philippines — The Philippines has secured a technical assistance package from the Asian Development Bank (ADB) to strengthen the country’s defenses against financial crimes, according to the Department of Finance (DOF).

The country, through the Securities and Exchange Commission, is one of the recipients of the technical assistance, along with ADB’s other developing member countries, the DOF said in a statement.

The total amount of the technical assistance extended to ADB’s developing member countries stood at $500,000 (around P31 million).

The DOF said that combating illicit finance, strengthening the implementation of anti-money laundering and counter-terrorism financing measures are the main goals of the regional technical assistance.

It will also support efforts to strengthen legal and regulatory frameworks, build the capacity of government agencies and financial institutions and improve supervisory systems, risk assessments, procedures and guidelines, it added.

“Through this assistance, we are strengthening the capacity of our institutions to prevent illicit finance and comply with international standards. These efforts help protect Filipinos and businesses from financial risks while fostering greater confidence in our financial system,” Finance Secretary Frederick Go said.

The assistance is expected to strengthen safeguards for Filipinos and businesses against financial crimes, boost confidence in the country’s financial system and help maintain its access to the global financial system.

The initiative supports President Marcos’ orders to intensify the country’s efforts to combat money laundering and terrorism financing.

“We are building stronger institutions and systems that can help keep our financial sector safe, stable and connected to the global economy,” Go added.