COA, ADB solidify foreign-assisted projects audit

The Commission on Audit (CoA) and the Asian Development Bank (ADB) commenced a meeting last 20 November 2024 to discuss ways to bolster the country’s audit of foreign-assisted projects, public debt and public financial management (PFM) reforms.

CoA chairperson Gamaliel Cordoba led the Philippine delegation, which included key officials and auditors 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 Pavit Ramachandran headed the ADB team composed of 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 two institutions highlighted the importance of strengthening PFM in the Philippines, especially as the country’s reliance on ADB’s financial portfolio is set to significantly increase in the coming years.

Meantime, the ADB expressed gratitude for CoA’s role in ensuring the effective and efficient implementation of ADB-financed projects. The two sides also discussed specific projects, including those in the infrastructure, health, and social welfare sectors.

Both parties agreed to continue their collaboration to further improve the country’s public financial management system.