FILE PHOTO: President Ferdinand Marcos Jr. INQUIRER FILES
MANILA, Philippines — President Ferdinand Marcos Jr. approved the New Government Procurement Act (NGPA) and the Anti-Financial Account Scamming Act (AFASA).
In a ceremony at the Malacañan Palace on Saturday, July 20, Marcos signed the NGPA or Republic Act 12009, which is a harmonized version of Senate Bill No. 2593 and House Bill No. 9648, that aims to address loopholes in the current government procurement system for a more economical and responsive process.
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“The NGPA streamlines the procurement process from three months to just 60 days by standardizing procurement forms and institutionalizing electronic procurement,” Marcos said in his speech.
On the other hand, AFASA or RA No. 12010, intends to protect Filipinos from online scams.
“This new law mandates financial institutions to implement necessary safeguards to protect our citizens’ accounts. It will protect our people from falling prey to perpetrators who target their banks and e-wallet accounts,” Marcos said.
The Legislative Executive Development Advisory Council led by Marcos tagged the two laws as priority measures.
READ: House adopts Senate-approved Anti-Financial Account Scamming bill
In a separate statement, the Bangko Sentral ng Pilipinas (BSP) said it welcomes the passage of AFASA.
“We express our full support for the new anti-financial account scamming law. This will help us strengthen consumer protection and foster trust and confidence in the Philippine financial system,” said BSP Governor Eli M. Remolona, Jr.
AFASA authorizes the BSP to investigate cases that violate the law, apply for cybercrime warrants and orders, and request assistance from the National Bureau of Investigation and Philippine National Police in the investigation of cases.
It also allows the BSP to examine and investigate bank accounts, e-wallets, and other financial accounts that are involved in prohibited acts.