MANILA, Jan. 10 -- The Philippines has been given another year, or until January 2024, to meet the requirements that will help it exit the Financial Action Task Force's (FATF) gray list.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Tuesday told journalists that they missed the first deadline, which is this month.

Medalla said the FATF committees or action groups have cited gains on legislations that aim to thwart money laundering and terrorist financing in the Philippines.

He said the country got excellent ratings on the legislations, except on the Bank Secrecy Law.

Medalla did not elaborate.

However, he said the FATF also cited the low number of cases filed against anti-money laundering and terrorist financing violat...