THE Duterte administration expects the amendments on the Republic Act 9160, or the Anti-Money Laundering Act of 2001 (AMLA); and RA 9372, or the Human Security Act (HSA) of 2007 to finally drive the country toward another credit rating upgrade.
During the 47th Cabinet Meeting on Monday, the Chief Executive approved the proposal of Bangko Sentral ng Pilipinas Governor and Anti-Money Laundering Council Chairperson Benjamin E. Diokno for the said reforms.
“The successful passage of key amendments to the AMLA and the Human Security Act, according to Gov. Diokno, will complement or boost our efforts towards an A-credit rating for the country,” Presidential spokesman Salvador S. Panelo said during a press briefing last Monday.
Currently, major rating agencies Moody’s, Fitch Ratings, Standard & Poors, gave the country a “B” rating meaning a investment grade. If Philippines get the much coveted “A” rating, it will be able to get loans from more countries or financial institutions for lower interests.
The Cabinet talked about a stronger AMLA as Duterte ordered concerned agencies to probe the alleged influx dirty money in the country, which is being linked to the operations of Philippine Offshore Gaming Operators.
During a Senate investigation on the issue, the Bureau of Customs reported that P18.7 billion of foreign dirty money entered the country.
“This is now being investigated because we don’t know if it is true or not,” Panelo said.
He said the Department of Finance and other concerned agencies will look into the matter.