MANILA, Philippines — President Ferdinand Marcos Jr. on signed into law Republic Act (RA) 12009 or the "New Government Procurement Act" (NGPA) and RA 12010 or the "Anti-Financial Account Scamming Act" (AFASA) on Saturday, ahead of his State of the Nation Address.

Marcos led the signing of the two new laws in a ceremony witnessed by lawmakers, and other government officials in Malacañang.

Ratified by both the Senate and House of Representatives, the NGPA promotes greater transparency, competitiveness, efficiency, professionalism, accountability and sustainability in the government procurement process.

It is seen to address existing loopholes in the current government procurement system by clamping down on illegal practices to eliminate opportunities for corruption, thereby preventing wastage in public transactions and resulting in delivery of better services.

The NGPA will also speed up procurement activities since the period of action is shortened from 90 days to 60 days – from the opening of bids to the awarding of contracts.

Meanwhile, the AFASA seeks to protect the public from cybercriminals and criminal syndicates by penalizing financial cybercrimes and imposing harsher penalties for illegal acts committed under the Revised Penal Code such as online selling and investment scams, phishing and other schemes of fraud.

It authorizes the Bangko Sentral ng Pilipinas (BSP) to investigate cases involving the violation of the law, apply for cybercrime warrants and orders, and request the assistance of law enforcers in the investigation of cases.

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.

Both measures are priority bills of the Legislative Executive Development Advisory Council, forming part of the President's legislative agenda.