President Ferdinand "Bongbong" Marcos Jr. (left,) House Speaker Martin Romualdez (Speaker’s office)

House Speaker Martin Romualdez has hailed the enactment of a landmark measure designed to combat economic fraud and protect citizens from financial scams. 

Romualdez witnessed on Saturday morning, July 20 the signing into law of Republic Act (RA) No. 12010, or the Anti-Financial Accounts Scamming Act (AFASA). The House leader along with his Senate counterpart, Senate President Francis "Chiz" Escudero, was in Malacañang for the ceremonial signing. 

Romualdez says the new law is key 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...This law provides stringent measures to regulate financial accounts and prevent their misuse, ensuring that our financial systems remain secure and trustworthy,” he said. 

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,” Romualdez said. 

“Mandating robust risk management systems and controls fosters a safer environment for all financial transactions,” added the Leyte 1st district congressman and Lakas-Christian Muslim Democrats (Lakas-CMD) president. 

“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.