SINCE 2010, the Philippines has generally trailed behind its Asean neighbors in attracting foreign investment. According to World Bank Group Data for 2023, the Philippines ranked sixth out of 10 Asean countries in terms of gross domestic product (GDP) per capita and the last among Asean-5 countries. One contributing factor to this situation is the relatively low level of direct foreign investment. Unfortunately, despite interest from numerous investors in Asean countries, only a few are willing to invest in Filipino businesses, largely due to the Philippines' status on the gray list set by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.

The FATF publishes a list of countries that have insufficient anti-money laundering laws and measures within their respective jurisdictions. These countries are typically grouped into either the 'black list' or the 'gray list.'