President Ferdinand “Bongbong” R. Marcos Jr. signs into law the Anti-Financial Account Scamming Act (AFASA) and the New Government Procurement Act during simple rites held Saturday morning at the Ceremonial Hall of Malacañang Palace. Among those who witnessed the event were Speaker Ferdinand Martin G. Romualdez and Senate President Chiz Escudero.
MANILA, Philippines — House Speaker Ferdinand Martin Romualdez on Saturday said that the new law on government procurement processes is an essential step in entering a “new era of transparency.”
“This legislation ushers in a new era of transparency, integrity, and accountability in our government’s procurement processes. It reflects our unwavering commitment to the Filipino people to ensure that every peso is spent wisely and responsibly,” said Romualdez.
New Government Procurement Act (NGPA) or the Republic Act (RA) 12009, a revised version of the Government Procurement Reform Act or the RA No. 9184, was signed on Saturday to streamline the procurement process of all government institutions from three months to 60 days.
“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,” President Ferdinand “Bongbong” R. Marcos Jr. said on Saturday.
Romualdez noted that mandated transparency procedures such as video recording and live streaming of procurement procedures “fosters a culture of openness and public trust.”
Romualdez said that the NGPA introduces key features to “ensure that procurement activities are conducted with the highest standards of integrity and accountability.”
Under the new procurement law, government agencies are given 11 modalities of procurement process in choosing ways to procure products and goods.
It also features standardized procurement processes and forms and requirements for proper budget planning.