COA, ADB Collaborate to Strengthen Audit of Foreign-Assisted Projects

Officials from the Commission on Audit (COA) and the Asian Development Bank (ADB) met on Wednesday to discuss strengthening COA’s audit efforts for foreign-assisted projects, public debt audits, and public financial management (PFM) reforms.

Focus on ADB Project Portfolio

During the meeting, the ADB highlighted its expanding financial portfolio in the Philippines, which is expected to grow by over 100% in the next three years. It also addressed project-level financial management issues in key initiatives such as:

• Expanded Social Assistance Project (ESAP)
• Angat Water Transmission Improvement Project (AWTIP)
• Health System Enhancement to Address and Limit COVID-19 (HEAL)

The ADB commended COA’s critical role in ensuring the efficiency and accountability of financial management systems, citing the success of recent collaborations, including the Tri-Partite Portfolio Review Mission and the Philippines Program and Portfolio Planning Retreat for ADB-financed projects.

Overview of Audited Projects

COA representatives provided an overview of their audits of various ADB-funded initiatives implemented by government agencies, including:

• Improving Growth Corridors in Mindanao Road Sector Project
• South Commuter Railway Project
• Integrated Flood Resilience and Adaptation Project – Phase 1
• Metro Manila Bridges Project
• Social Protection Support Project
• HEAL 1 and HEAL 2

Projects managed by government-owned and controlled corporations (GOCCs) were also discussed, such as the:

• Water District Development Sector Project
• Emergency Assistance for the Reconstruction and Recovery of Marawi Project

Strengthening Collaboration

COA Chairperson Gamaliel A. Cordoba led a delegation of senior auditors and directors from key departments such as the Department of Public Works and Highways (DPWH), Department of Transportation (DOTr), Department of Health (DOH), and Department of Social Welfare and Development (DSWD).

ADB Philippines Country Director Pavit Ramachandran and a team of sector and financial management specialists joined the meeting, reinforcing ADB’s commitment to accountability and transparency.

Looking Ahead

This collaboration underscores the critical role of COA in safeguarding public funds and ensuring that foreign-assisted projects contribute effectively to national development. Both parties reaffirmed their dedication to enhancing financial systems and driving sustainable progress for the Philippines.