Ceremonial Signing of the New Gov't. Procurement Act & Anti-Financial Account Scamming Act (Speech)

Ceremonial Hall, Malacañan Palace
July 20, 2024
Two significant legislative measures aimed at moving the country ‘closer to attaining a strong, responsive and efficient bureaucracy, and to establishing safeguards for the financial rights and welfare of every Filipino’ were signed into laws by President Ferdinand R. Marcos Jr. in a ceremony at the Malacañan Palace on July 20, 2024.
“First, we have the New Government Procurement Act or the NGPA, which updated Republic Act No. 9184 or the Government Procurement Act. The NGPA streamlines the procurement process from three (3) months to just sixty (60) days by standardizing procurement forms and institutionalizing electronic procurement,” the President said in his keynote message.
One of the NGPA’s salient features is the provision of 11 new modalities of procurement that will allow greater flexibility for government agencies in choosing how to best acquire goods and services.
“The NGPA also introduces a new concept, the Most Economically Advantageous Responsive Bid. This frees us from the obligation of selecting the lowest-priced 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,” he said.
Another important law signed by the Chief Executive is the Anti-Financial Account Scamming Act (AFASA) that aims to combat surge in crimes involving online scams by mandating financial institutions to implement necessary safeguards to protect citizens’ accounts, as well as authorizes the Bangko Sentral ng Pilipinas (BSP) to investigate and inquire into financial accounts that may be involved in the commission of prohibited acts.
“This is essential in our times as cybercriminals use technology to defraud our fellow Filipinos - causing not only personal economic loss but also a loss of trust in financial institutions. It will protect our people from falling prey to perpetrators who target their banks and e-wallet accounts,” the President stressed.
The AFASA also defines and penalizes the following activities considered as illegal acts - money muling activities, social engineering schemes and economic sabotage. Through the Law, government seeks to deter the majority of financial scams while fostering greater trust in its digitization efforts.
“I would like to convey my gratitude to our hardworking colleagues in the House of Representatives and the Senate for passing these two important laws. May you continue this streak of passing progressive, innovative and people-centered laws,” President Marcos Jr. concluded in his keynote message.
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