The Commission on Audit (COA) and the Asian Development Bank (ADB) convened on November 20 to reinforce COA’s capacity to audit foreign-assisted projects and public debt, ensuring robust oversight and financial accountability.
The meeting also focused on advancing Public Financial Management (PFM) reforms, including the PFM Inter-agency Initiative for Green Lane Fiduciary Arrangements, aligning with COA’s international commitments.
Strengthening Financial Systems
ADB highlighted its growing partnership with the Philippine government, noting an expected doubling of its financial portfolio in the next three years. To support this expansion, ADB emphasized the importance of leveraging the Philippines’ PFM system for enhanced fiduciary responsibility.
COA representatives provided insights into their audits of key ADB-financed projects implemented by agencies such as:
- Department of Public Works and Highways (DPWH)
- Department of Transportation (DOTr)
- Department of Social Welfare and Development (DSWD)
- Department of Health (DOH)
These projects include:
- Improving Growth Corridors in Mindanao Road Sector Project
- South Commuter Railway Project
- Integrated Flood Resilience and Adaptation Project – Phase 1
- Metro Manila Bridges Project
- Expanded Social Assistance Project (ESAP)
- Health System Enhancement to Address and Limit COVID-19 (HEAL 1 and HEAL 2)
A Broader Scope
ADB also discussed project-level financial management for initiatives like the Angat Water Transmission Improvement Project (AWTIP) and those implemented by government-owned and controlled corporations, including the Water District Development Sector Project and Emergency Assistance for the Reconstruction and Recovery of Marawi Project under the Urban Climate Change Resilience Trust Fund.
Affirming COA’s Role
The ADB commended COA for its active participation in the recent Tripartite Portfolio Review Mission and Philippines Program and Portfolio Planning Retreat. These engagements underscored COA’s critical role in ensuring financial systems are effective and efficient.
The strengthened collaboration aims to foster transparency and accountability, reinforcing trust in the management of foreign-assisted projects and public resources in the Philippines.
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