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.”

 

Speaker Romualdez, other House leaders applaud PBBM’s remarkable economic gains

TOP leaders of the House of Representatives, led by Speaker Ferdinand Martin G. Romualdez, on Sunday lauded the remarkable economic accomplishments of President Ferdinand “Bongbong” R. Marcos Jr.’s administration, noting that these achievements have positively impacted the lives of Filipinos despite global conflicts and supply chain disruptions.

In a joint statement issued a day before the President’s third State of the Nation Address (SONA), House leaders cited the administration’s success in establishing the Philippine economy as Southeast Asia’s strongest and highlighted targeted aid for those affected by global crises.

“Under President Marcos’ leadership, our economy is thriving. We are seeing the highest growth rates in decades, which means more jobs and better opportunities for every Filipino,” Speaker Romualdez declared.

He pointed out that the economy posted a 7.6% growth rate in 2022 and continued to grow by 6.4% in the first quarter of 2023.

The House chief added that multilateral financial institutions like the World Bank have upgraded their economic forecasts for the Philippines, reflecting the country’s robust economic trajectory.

Senior Deputy Speaker Aurelio “Dong” Gonzales Jr. underscored the transformative impact of infrastructure development under the “Build-Better-More” program.

“Our infrastructure projects are transforming the landscape of our nation. They are not just roads and bridges; they are pathways to a brighter future for all Filipinos,” said the representative of Pampanga’s 3rd District.

Gonzales noted that projects like the Luzon Spine Expressway Network, which will cut travel time from Ilocos to Bicol from 20 hours to 9 hours, and the construction of mega-bridges connecting various islands, are enhancing national connectivity and efficiency.

Deputy Speaker and Quezon 2nd District Rep. David “Jay-jay” Suarez stressed the administration’s commitment to securing the country’s energy future through sustainable practices.

Suarez observed that the administration has added new power plants and is pushing for renewable energy to help address power requirements.

“The shift to renewable energy is a testament to our commitment to a sustainable and prosperous future. We are not just meeting today’s needs but also protecting the environment for future generations,” he said.

Meanwhile, Majority Leader and Zamboanga City 2nd District Rep. Manuel Jose “Mannix” M. Dalipe emphasized the administration’s dedication to supporting those most in need.

Dalipe highlighted the revival of Kadiwa stores to stabilize food prices and housing initiatives like Pambansang Pabahay Para sa Pilipino to provide affordable homes.

“The Marcos administration is making sure no Filipino is left behind. From affordable housing to accessible food supplies, we are making tangible improvements in the lives of our people,” Dalipe remarked.

Ako Bicol Rep. Elizaldy Co, who chairs the powerful Committee on Appropriations, spoke on the administration’s success in positioning the Philippines as a global investment hub.

He mentioned that the administration secured huge investments through international economic missions and strengthened diplomatic ties with major economies like the United States and China.

“Our proactive approach in international relations is paying off. The investments we are attracting are creating jobs and driving economic growth, securing a better future for our nation,” Co asserted.

Overall, Speaker Romualdez said the economic policies and initiatives under President Marcos are leading to significant and positive changes for the Philippines, making it a leading economy in Southeast Asia.

“We are proud of the progress we have made, and we remain committed to building a stronger, more prosperous Philippines for all. Together, we will continue to rise and overcome any challenge,” the Speaker concluded.