Pigment production by Monascus species for application to a wide array of food products has been explored in many countries. However, possible contamination with citrinin, a mycotoxin, has been a concern with different Monascus-based products leading to a regulated usage of the microbial food additive worldwide. In the Philippines, there is no known local large-scale producer of microbial pigments. A red colorant from Monascus purpureus MTCC 25436 was successfully produced and patented by the National Institute of Molecular Biology and Biotechnology–University of the Philippines Los Baños (NIMBB-UPLB). The produced colorant was subjected to various safety assessment tests to determine its safety for food applications. The AMES test determined that the product was not capable of inducing reverse mutations in Salmonella typhimurium mutant strains, and this non-mutagenicity of the colorant is further confirmed by the mammalian micronucleus test. Establishing the LD50 was done to determine the lethal dose of the colorant. No model animal died, even after feeding with the highest allowable experimental concentration. Based on the dermal sensitization test, the colorant was a very weak sensitizer. Lastly, detection of citrinin was done using high-performance liquid chromatography. According to the generated chromatograms, citrinin was at non-detectable levels. In conclusion, the colorant obtained from the local strain M. purpureus MTCC 25436 is safe for consumption. The results of the study can be used by the local regulating agencies as a baseline for possibly crafting regulations for the registration of microbial-derived food colorants, which the Philippines currently lacks.