Question & AnswerQ&A (Republic Act No. 5188)
The primary purpose is to safeguard the printing of government official receipts, postage stamps, internal revenue stamps, stocks and bonds, bank notes, and other security printing jobs by acquiring and operating a complete security printing plant with modern security printing presses.
The National Treasurer is responsible for acquiring and operating the National Security Printing Plant.
The presses must allow for simultaneous printing of front and back faces, super-imposed tints and backgrounds, and single or multicolor intaglio printing of major designs, which are not available to ordinary commercial printers.
All government offices, agencies, instrumentalities, and government-owned or controlled corporations required or allowed by law, rules, or regulations to print or issue any of the security papers enumerated in Section 1 must forward their printing requirements.
All original designs, engravings, and other printing materials involving security must be kept in a secured vault under the joint custody of a committee composed of the Auditor General (chairman), the Governor of the Central Bank, and the National Treasurer.
The committee is composed of the Auditor General as chairman, and the Governor of the Central Bank and the National Treasurer as members. In case of absence, their duties devolve to their respective deputies.
The law appropriates a maximum of thirty million pesos (P30M) from the National Treasury for the purchase of equipment, construction, vault acquisition, office equipment, salaries, and a revolving fund for printing supplies.
All purchases and contracts must be made through public bidding under existing laws, rules, and regulations, overseen by a committee composed of the Secretary of Finance (chairman), the National Treasurer, and the Governor of the Central Bank.
Yes, if government finances do not permit the use of appropriated funds, the National Treasurer, with the President's approval, is authorized to borrow up to thirty million pesos from local or foreign institutions.
All loans are fully guaranteed by the Republic of the Philippines as to principal and interest, and if income from operation is insufficient, the Central Bank may advance funds from its surplus which shall be reimbursed by the National Treasurer.
The National Treasurer, subject to the President's approval, shall issue rules and regulations necessary to implement the Act, and those affecting other government offices or the public shall take effect thirty days after publication in the Official Gazette.
The Act took effect upon its approval on September 16, 1967.