Over 6,000 firms lose accreditation in gov't electronic procurement system

More than 6,000 corporations have lost their Philippine Government Electronic Procurement System (PhilGEPS) Platinum registration after failing to submit their beneficial ownership documents, according to the Procurement Service of the Department of Budget and Management (PS-DBM).

- - Marco Luis Beech

With almost half of the firms unable to file such documents, PS-DBM executive director Genmaries Entredicho-Caong said that non-submission of ownership documents automatically suspends a company’s registration.

"This ensures that only bidders with declared beneficial owners can participate in government bidding and those beneficial owners must have no conflict of interest with the procuring entity or with other participating bidders," the procurement service chief said.