PBBM signs new gov’t procurement, anti-financial account scamming laws

By Joyce Ann L. Rocamora, Philippine News Agency

President Ferdinand R. Marcos Jr. on Saturday signed into law two new bills aimed at attaining a strong, responsive, and efficient bureaucracy, and establishing safeguards for the financial rights and welfare of Filipinos. (PCO Photo)

MANILA – President Ferdinand R. Marcos Jr. signed into law the New Government Procurement Act (Republic Act 12009) and the Anti-Financial Account Scamming Act or AFASA (RA 12010) in a ceremony in Malacañan Palace on Saturday.

The New Government Procurement Act updates RA 9184 or the Government Procurement Reform Act and streamlines the procurement process from three months to 60 days.

The new law standardizes procurement forms and institutionalizes electronic procurement.

One of its salient features is the provision of 11 new modalities of procurement, which Marcos said affords greater flexibility for government agencies in choosing how to best acquire goods and services.

The law also introduces the “most economically advantageous responsive bid” concept, allowing for rated criteria in selecting a winning bidder.

“This is actually an attempt to consider not only the purely quantitative but the qualitative economic value of any proposal as an alternative to the prevailing practice of which we now do of choosing just the cheapest product, or what we call the lowest calculated and responsive bid,” Marcos said in his speech.

“This frees us from the obligation of selecting the lowest price bid when there is a better choice. This will ensure that we get not only the best prices but the best deals for our clients – the Filipino people.”

Meanwhile, AFASA is seen to combat surges in crimes, involving online scams.

This new law prohibits and punishes financial crimes, such as acting as money mules, performing social engineering schemes, and committing economic sabotage.

“This is essential in this time as cybercriminals use technology to defraud fellow Filipinos, causing not only personal economic loss through them but also a loss of trust in financial institutions,” Marcos said.

“It will protect our people from falling prey to perpetrators who target their banks and e-wallet accounts.

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The measure authorizes the Bangko Sentral ng Pilipinas (BSP) to investigate cases and apply for “cybercrime warrants and orders” with respect to electronic communications used in any violation of the law.

The law gives the BSP limited authority to examine and investigate bank accounts, e-wallets, and other financial accounts involved in the prohibited acts.

Moreover, it imposes responsibilities on BSP-supervised institutions to employ adequate risk and fraud management systems to ensure that their clients’ financial accounts are protected.

Government agencies concerned, banks and covered financial institutions, the private sector, and other stakeholders are also mandated to establish a cooperative mechanism to ensure the effective prosecution of cases and the enforcement of the law.

“I hope that through this law, we can deter the majority of the financial scams that we have been seeing while at the same time, fostering greater trust in our digitization efforts,” Marcos said.

Both measures are priority bills of the Legislative Executive Development Advisory Council, forming part of Marcos’ legislative agenda.

In a statement, the BSP welcomed and expressed its “full support” for the 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,” BSP Governor Eli Remolona Jr. said.