PH gets ADB help to fight illicit finance
The Philippine government is set to receive technical assistance from the Asian Development Bank (ADB) under a $500,000 regional program to strengthen safeguards against financial crimes, the Department of Finance (DOF) said.
In a statement, the DOF said the Securities and Exchange Commission (SEC) will be among the recipients of the technical assistance, along with ADB’s other developing member countries.
The DOF has yet to specify how much of the total funding will be allocated to the Philippines, or identify specific projects and activities that will be funded in the country.
“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.
“We are building stronger institutions and systems that can help keep our financial sector safe, stable, and connected to the global economy,” he added.
Under ADB rules, technical assistance supports the preparation and execution of development projects and programs, including feasibility studies, due diligence, pilot testing, capacity development and knowledge sharing, among others.
For the Philippines, the assistance is expected to help address financial crimes by strengthening legal and regulatory frameworks, building the capacity of government agencies and financial institutions, and improving supervisory systems, risk assessments, procedures and guidelines.
It is also seen to ensure that the country’s policies and practices remain aligned with international standards.
The assistance comes as the Philippines continues to strengthen its defenses against money laundering and terrorism financing.
The country’s latest National Risk Assessment, covering 2021 to 2024, gave the Philippines a score of 0.67 out of 1 for its antimoney laundering and counterterrorism financing framework, up from 0.60 in the previous assessment.
Still, the assessment said the country’s national-level money laundering threat remained high, citing drug trafficking, fraud, environmental crimes and tax offenses as major sources of illicit proceeds.
The Anti-Money Laundering Council (AMLC), in its latest 2026 annual regulatory plan, also said it was preparing amendments that would allow the watchdog to tighten its oversight of illicit financial activities.
The AMLC said these amendments were expected to be completed in the fourth quarter.
