"We want to apologize to the American public for recent decisions that cast doubt upon our commitment to our mission of saving women's lives," the group said.
"We will continue to fund existing grants, including those of Planned Parenthood, and preserve their eligibility to apply for future grants, while maintaining the ability of our affiliates to make funding decisions that meet the needs of their communities," the group said.
The announcement comes three days after Komen, a group supporting breast cancer research, said it would stop the funding, saying that it decided it would no longer fund groups under federal investigation. Congress in September began investigating whether Planned Parenthood, a prominent family planning organization, illegally used federal funds to provide abortions.
But on Friday, Komen said that it will "amend the criteria to make clear that disqualifying investigations must be criminal and conclusive in nature and not political."
"Our only goal for our granting process is to support women and families in the fight against breast cancer. Amending our criteria will ensure that politics has no place in our grant process," the group said.
Some Planned Parenthood supporters had alleged the decision to withhold funding was less about investigation and more about abortion. Anti-abortion advocates around the country had questioned the Komen foundation about its grants for months, prompting the foundation to release a statement last year saying that "Komen funding is used exclusively to provide breast cancer programs."
CREDO, which describes itself as the largest corporate donor to Planned Parenthood, said Thursday that 250,000 of its members had signed a petition urging the Komen Foundation to reverse its decision.
"The move is clearly connected to attempts by Republicans in Congress to defund Planned Parenthood," the organization said in a statement.
Planned Parenthood said funding from the Komen foundation has largely paid for breast exams at local centers. In the last five years, grants from the group have directly supported 170,000 screenings, comprising about 4% of the total exams performed at Planned Parenthood health centers nationwide, according to the group.