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President Ferdinand Marcos Jr. on Saturday signed into law two new pieces of legislation aimed at increasing transparency in the government procurement process and protecting the public from financial cybercrimes.Marcos inked Republic Act 12009 or the New Government Procurement Act and RA 12010 or the Anti-Financial Account Scamming Act in a ceremony at Malacañang Palace on July 20, 2024.
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.In a separate statement, the BSP said it welcomes the passage of 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," said BSP Governor Eli Remolona, Jr.
New Government Procurement Act Anti-Financial Account Scamming Act Bangko Sentral Ng Pilipinas
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