RoyP Speaker Romualdez hails ‘new era of transparency’ with new gov’t procurement law

SPEAKER Ferdinand Martin G. Romualdez on Saturday praised President Ferdinand “Bongbong” R. Marcos Jr. for signing into law the New Government Procurement Act (R.A. 12009), calling it a significant step toward enhancing transparency, efficiency, and good governance in public procurement. 

“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,” Speaker Romualdez said.

The revised legislation,  which updates Republic Act No. 9184, aims to strengthen the integrity and accountability of government procurement processes by promoting transparency, competitiveness, efficiency, proportionality, accountability, public monitoring, procurement professionalization, sustainability, and value for money.

Speaker Romualdez expressed his strong support for the law as he underscored its role in ensuring the effective and responsible use of government funds.

“The signing of the New Government Procurement Act is a landmark achievement in our commitment to uphold good governance and transparency in government transactions,” said the leader of the 300-plus-strong House of Representatives.

“This law will streamline and standardize procurement processes, making them more transparent and efficient, and ensuring that public funds are spent wisely and judiciously,” he pointed out.

The law applies to procurements by all branches and instrumentalities of the national government, including departments, bureaus, offices, agencies, state universities and colleges (SUCs), government-owned and controlled corporations (GOCCs), government financial institutions (GFIs), and local government units (LGUs). 

It covers the procurement of goods, infrastructure projects, and consulting services, regardless of whether funds are sourced locally or internationally.

Key features of the revised law include the standardization of procurement processes and forms, requirements for proper planning and budget compliance, and mandates for detailed engineering investigations and surveys before bidding on infrastructure projects. 

It also introduces provisions for market scoping, lifecycle assessment, and the use of framework agreements and pooled procurement to achieve economies of scale.

“The revised Act introduces essential safeguards to ensure that procurement activities are conducted with the highest standards of integrity and accountability,” Speaker Romualdez said.

He said that mandating transparency measures, such as video recording and livestreaming of procurement conferences, “fosters a culture of openness and public trust.”

Speaker Romualdez also emphasized the importance of professionalizing government procurement practitioners, a key component of the revised law. 

“Building a cadre of skilled and ethical procurement professionals is crucial in maintaining the integrity of our procurement system,” he said.

According to the House chief, the revised government procurement law serves as “a testament to our unwavering commitment to reforming and improving our government systems for the benefit of the Filipino people.”

“This law not only enhances the efficiency and effectiveness of procurement processes but also ensures that government transactions are conducted with the highest standards of integrity,” he added. “It addresses long-standing issues of corruption and mismanagement by introducing stringent measures for transparency and accountability.”

The Speaker commended President Marcos and all those who worked tirelessly to bring this important legislation to fruition. 

“Their dedication and hard work have resulted in a law that will significantly impact how we conduct government business, ensuring that public funds are used judiciously and for the greatest benefit of our citizens,” he said.

He added, “Together, we are paving the way for a more transparent, accountable, and efficient government. This Act sets a new benchmark for public procurement, reflecting our collective resolve to serve the Filipino people with honesty and dedication. It is a crucial step towards building a government that the public can trust and rely on.” (END)

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RoyP Speaker Romualdez welcomes new law to combat financial fraud

SPEAKER Ferdinand Martin G. Romualdez today lauded the enactment of a landmark legislation designed to combat economic fraud and protect citizens from financial scams.

The Anti-Financial Accounts Scamming Act (AFASA), or Republic Act No. 12010,  was signed into law by President Ferdinand “Bongbong” R. Marcos Jr. in a ceremony held at Malacañang Palace Saturday morning. 

Speaker Romualdez emphasized the importance of the new law in safeguarding the integrity of the country’s financial systems and protecting the public from fraudulent schemes. 

“The signing of AFASA marks a significant milestone in our fight against financial fraud and cybercrime,” he declared. “This law provides stringent measures to regulate financial accounts and prevent their misuse, ensuring that our financial systems remain secure and trustworthy.”

The leader of the 300-plus-strong House of Representatives commended President Marcos for his leadership and commitment to protecting the Filipino people.

“We commend President Marcos for signing this vital legislation into law. His dedication to combating financial crimes and ensuring the safety of our financial systems is evident in the enactment of AFASA,” he said.

AFASA aims to prevent financial scams, including money muling, social engineering schemes, and economic sabotage. 

The law provides comprehensive safeguards for financial account owners, requiring financial institutions to implement secure access systems and be liable for restitution if they fail to protect accounts adequately.

“The AFASA introduces essential protections for financial account owners and holds financial institutions accountable for any lapses in security,” Speaker Romualdez said. 

“Mandating robust risk management systems and controls fosters a safer environment for all financial transactions,” he added.

The law grants the Bangko Sentral ng Pilipinas (BSP) extensive powers to enforce its provisions, including investigating financial accounts involved in fraudulent activities and applying for cybercrime warrants. 

The BSP is also tasked with promulgating the implementing rules and regulations within one year of the law’s effectivity.

Speaker Romualdez noted the severe penalties imposed under AFASA for various financial crimes, underscoring the government’s commitment to deterring such activities.

“The penalties under this law are designed to serve as a strong deterrent against financial fraud and cybercrime, reflecting our commitment to upholding justice and protecting our citizens,” he said.

Violations of AFASA carry severe penalties. Money muling can result in 6 to 8 years of imprisonment and fines ranging from P100,000 to P500,000. 

Social engineering schemes can lead to 10 to 12 years of imprisonment and fines between P500,000 and P1 million, with harsher penalties for targeting senior citizens, which is 12 to 14 years of imprisonment and fines of P1 million to P2 million. 

Economic sabotage can result in life imprisonment and fines from P1 million to P5 million. Other offenses carry various jail terms and fines, including disqualification from holding public office for government officials.

The Regional Trial Court will handle AFASA violations if any part of the offense occurs within the Philippines or affects individuals or accounts within the country.

Speaker Romualdez cited the long-term impact of AFASA on the country’s economic stability and growth. 

“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,” the Speaker pointed out. 

“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.

The House chief called for continued vigilance and cooperation from all sectors to ensure the successful implementation of AFASA. 

“Our work does not end with the signing of this law. It requires ongoing vigilance, cooperation, and commitment from everyone—government agencies, financial institutions, and the public,” he said. “Together, we can create a financial system that is not only secure but also fosters trust and confidence among all Filipinos.” (END)