Procurement law, Afasa seen improving governance, thwarting financial scams

Quick Summary:

LEGISLATORS hailed the New Government Procurement Act (NGPA) and the Anti-Financial Accounts Scamming Act (Afasa) as "important steps toward improving openness, effectiveness, and good governance in public procurement while thwarting financial scams and safeguarding the public from economic fraud.

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.

It also introduces provisions for market scoping, life cycle 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,” Romualdez said.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Jovee Marie N. de la Cruz and Butch Fernandez

Category: BusinessStartups

Markets: Philippines

Topics: Financial Procurement Accounts Afasa Romualdez Government Citizens Public Economic Protecting Escudero

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-21 @ 16:09:00 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1243 words

Reading Time: 7 minutes read

Sentences: 36 lines

Sentence Length: 35 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21712273

View Article Analysis

About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 58 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 13 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

Publisher Details

Frequently Asked Questions