Scope and Printing Requirements
- All government offices, agencies, instrumentalities, and government-owned or controlled corporations that are legally authorized or required to print security papers must submit their projected printing requirements through the General Auditing Office to the National Treasurer.
- The National Treasurer will print approved requisitions at minimal cost covering only administrative and operational expenses.
Custody and Security of Printing Materials
- Original designs, engravings, and security printing materials must be stored in a secured vault.
- Custody is jointly held by a committee composed of the Auditor General (chair), Governor of the Central Bank, and the National Treasurer.
- Removal of materials from the vault requires the presence of the committee and the head of the requisitioning office.
- In the absence of committee members, designated deputies assume duties.
- The committee is authorized to promulgate rules on custody and removal.
- Front and back engravings: one must be held by the head of the requisitioning office to ensure proper authorization before printing.
Appropriations and Funding
- An appropriation of up to thirty million pesos is authorized for equipment purchase, building construction, vault acquisition, security measures, office equipment, air conditioning, salaries, and setting up a revolving fund (up to two million pesos) for special printing paper and supplies.
- Equipment purchase must precede building construction and vault acquisition.
- Procurement must undergo public bidding overseen by a committee consisting of the Secretary of Finance (chair), National Treasurer, and Governor of the Central Bank.
- Results of bidding must be reported to Congress within thirty days of awarding contracts.
- If insufficient government funds are available, the National Treasurer with Presidential approval may borrow up to thirty million pesos from local or foreign institutions.
- Annual operational costs shall be charged against the annual appropriations.
- The National Treasurer is required to submit an annual report on all loans and expenditures to Congress by January 31 each year.
- All loans guaranteed by the Republic; if revenues fail to meet obligations, the Central Bank may advance funds from surplus, to be reimbursed later by the National Treasurer.
Rules and Regulations Implementation
- The National Treasurer, subject to Presidential approval, shall issue necessary rules and regulations for implementation.
- Rules affecting other government entities and the public take effect thirty days after publication in the Official Gazette.
Effectivity
- The Act takes effect immediately upon approval.