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 said on Saturday that the signing of the Anti-Financial Account Scamming Act (AFASA) into law will help secure transactions made by the public and the country’s financial systems.
“This law provides stringent measures to regulate financial accounts and prevent their misuse, ensuring that our financial systems remain secure and trustworthy,” Romualdez said in a statement.
“Mandating robust risk management systems and controls fosters a safer environment for all financial transactions,” he added.
Marcos on Saturday signed Republic Act No. 12010, which imposes penalties for financial crimes such as money muling, social engineering schemes, and economic sabotage.
Romualdez likewise added that the AFASA will also improve financial relations with other countries.
READ: Anti-financial scamming bill pushed
“A secure financial system is crucial for sustaining economic development and attracting investment. With AFASA in place, we are sending a strong message that the Philippines is committed to maintaining a safe and transparent financial landscape,” said Romualdez.
“This will not only deter criminal activities but also promote a culture of integrity and accountability across all levels of our financial system,” he added.