THE Commission on Audit (COA) and the Asian Development Bank (ADB) held a meeting on November 20, 2024 to discuss support for strengthening COA’s audit of foreign-assisted projects, public debt audit and Public Financial Management (PFM) reforms in the Philippines, including the PFM Inter-agency Initiative for Green Lane Fiduciary Arrangements as part of COA’s international commitments.
COA Chairperson Gamaliel A. Cordoba led the COA delegation composed of Assistant Commissioners Martha Roxana C. Sese, Adela L. Dondonilla and Alexander B. Juliano, Directors Corazon S. Rocas, Marilyn C. Briones, Haide T. Espuelas and Olympia P. Balugay, and OIC Assistant Directors Ameer S. Gamama and Eumaida P. Tiongson as well as the Supervising Auditors of the Department of Social Welfare and Development (DSWD), Department of Health (DOH), Department of Transportation (DOTr), Department of Public Works and Highways (DPWH), Local Water Utilities Administration, and Metropolitan Waterworks and Sewerage System.
Meanwhile, ADB Philippines Country Director Mr. Pavit Ramachandran was joined by Ruth S. Farrant (Director, Public Financial Management [PFFM] 2), Karin Schelzig (Director, Human and Social Development Sector Director), Alain X. Morel (Country Operations Head, Philippines), Myra Evelyn P. Ravelo, (Financial Management Specialist, PFFM 1), Ruby U. Alvarez (Senior Project Officer [Infrastructure], Philippines), and Raffy D. Amos (Associate Financial Management Officer, PFFM 2).
The ADB discussed its Philippines project portfolio, noting the stronger partnership with the Philippine government in view of its growing volume of financial portfolio which is expected to increase by more than 100% in the next three years and a stronger reliance on the country’s PFM system which is crucial for ADB’s fiduciary responsibility.
The ADB also discussed Project Level Financial Management Issues under the Expanded Social Assistance Project (ESAP), Angat Water Transmission Improvement Project (AWTIP), and Health System Enhancement to Address and Limit COVID-19 (HEAL), among others.
The ADB expressed appreciation for the positive impact of COA’s participation in the recently concluded Tri-Partite Portfolio Review Mission and Philippines Program and Portfolio Planning Retreat for ADB-financed projects, which affirmed COA’s vital role in ensuring that overall financial management systems are working effectively and efficiently.
COA representatives gave an overview of COA’s audit of ADB-financed foreign-assisted projects in the DPWH, DOTr, DSWD and DOH such as the Improving Growth Corridors in Mindanao Road Sector Project, South Commuter Railway Project, Integrated Flood Resilience and Adaptation Project – Phase 1 and Metro Manila Bridges Project, Social Protection Support Project, ESAP, HEAL 1 and HEAL 2, among many others. Also discussed were ADB-financed foreign-assisted projects implemented by government-owned and controlled corporations including the Water District Development Sector Project, Emergency Assistance for the Reconstruction and Recovery of Marawi Project under Urban Climate Change Resilience Trust Fund, and AWTIP.
