Directing The Department Of Justice To Create An Anti-Fraud Task Force In Order To Strengthen The Drive Against Credit Card Frauds And Other Fraudulent Practices

MALACAÑAN PALACE
MANILA

BY THE PRESIDENT OF THE PHILIPPINES

EXECUTIVE ORDER No. 573

DIRECTING THE DEPARTMENT OF JUSTICE TO CREATE AN ANTI-FRAUD TASK FORCE IN ORDER TO STRENGTHEN THE DRIVE AGAINST CREDIT CARD FRAUDS AND OTHER FRAUDULENT PRACTICES

WHEREAS, the widespread use of credit cards empowers consumers, both local and foreign, in their commercial transactions because of the convenience it presents as well as international acceptance;

WHEREAS, the occurrence of credit card frauds are increasing, and acquiring banks incur huge losses and suffer stunted credit card sales, ultimately threatening the survival of the credit card industry, including the negative repercussions in the domestic economy;

WHEREAS, the high level of credit card frauds creates a bad image for the country in the global market, prompting government to exert efforts to effectively counteract such form of economic sabotage in order to promote tourism in the country;

WHEREAS, Republic Act No. 8484, otherwise known as the Access Devices Regulation Act of 1998, which regulates the issuance and use of credit cards as an access device and seeks...

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Summary of Executive Order No. 573

Directing the Department of Justice to Create an Anti-Fraud Task Force
- To strengthen the drive against credit card frauds and other fraudulent practices. (Preamble)
- To assist in the effective implementation of Republic Act No. 8484 (Access Devices Regulation Act of 1998). (Preamble)

Composition of the Anti-Fraud Task Force (AFTF):
- Composed of representatives from the Department of Justice (DOJ), National Bureau of Investigation (NBI), and Philippine National Police (PNP). (Section 1)
- Head and deputy to be designated by the Secretary of Justice. (Section 1)

Reporting:
- The AFTF shall submit reports of its activities with recommendations to the Secretary of Justice. (Section 2)
- The Secretary of Justice shall report the same to the Office of the President. (Section 2)

Effectivity:
- This Executive Order shall take effect immediately. (Section 3)