Ceremonial Signing of the New Government Procurement Act and Anti-Financial Account Scamming Act

Ceremonial Hall, Malacañan Palace
July 20, 2024
President Ferdinand R. Marcos Jr. signs into law Republic Act No. 12009 or the ‘New Government Procurement Act’ and Republic Act No. 12010 or the ‘Anti-Financial Account Scamming Act’ in a ceremony at the Malacañan Palace on July 20, 2024.
Ratified by both the Senate and House of Representatives, the ‘New Government Procurement Act’ (NGPA) promotes greater transparency, competitiveness, efficiency, professionalism, accountability and sustainability in the government procurement process.
It is seen to address existing loopholes in the current government procurement system by clamping down on illegal practices to eliminate opportunities for corruption, thereby preventing wastage in public transactions and resulting to delivery of better services. It will also speed up procurement activities since the period of action is shortened from 90 days to 60 days - from the opening of bids to the awarding of contract.
Meanwhile, the ‘Anti-Financial Account Scamming Act’ (AFASA) seeks to protect the public from cybercriminals and criminal syndicates by penalizing financial cybercrimes and imposing harsher penalties for illegal acts committed under the Revised Penal Code such as online selling and investment scams, phishing and other schemes of fraud.
It authorizes the Bangko Sentral ng Pilipinas (BSP) to investigate cases involving the violation of the Law, apply for cybercrime warrants and orders, and request the assistance of law enforcers in the investigation of cases. The BSP will also be exempted from existing laws on bank secrecy and data privacy to gather sufficient information relative to the commission of prohibited acts under the Law.
Both measures are priority bills of the Legislative Executive Development Advisory Council (LEDAC), forming part of President Ferdinand R. Marcos Jr.’s legislative agenda.
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