The Commission on Audit (CoA), the Philippines' Supreme Audit Institution, led the 2025 annual meeting of the International Organization of Supreme Audit Institutions (INTOSAI) Working Group on Public Debt (WGPD) in Bucharest during the third week of June.
CoA chairperson Gamaliel A. Cordoba presided over the hybrid meeting, which centered on "Global Trends in Public Debt Management Practices and the Role of SAIs."
The meeting aimed to foster collaboration and knowledge sharing among Supreme Audit Institutions (SAIs) and partner stakeholders. It highlighted best practices and initiatives to enhance public debt and debt management, emphasizing a proactive approach for SAIs to drive innovation and initiate change.
Hosted by the Romanian Court of Accounts, the event drew officials and experts from the SAIs of Qatar, North Macedonia, Lithuania, Kuwait, Pakistan, China, Thailand, Austria, Brazil, Türkiye, Egypt, Georgia, Portugal, Zambia, India, Kenya, Moldova, Seychelles, Jordan, Argentina, Ukraine, and the U.S. Government Accountability Office (USGAO), alongside the Philippines.
Guests from the governments of the Philippines and Romania, and experts from the International Monetary Fund also attended.
Cordoba, in his capacity as chairperson of the INTOSAI WGPD, stressed the contributions of SAIs in enhancing transparency, accountability, and the protection of public interest.
"This year’s agenda has been carefully structured to foster discussion and collaboration around emerging trends in public debt management and the evolving role of SAIs," Cordoba said.
"We hope to raise awareness of new practices and developments, encourage knowledge sharing, and strengthen cooperation both within and beyond the SAI community," he added.
Mihai Busuioc, president of the Romanian Court of Accounts, underscored the critical function of public debt audits.
"Through independent and well-founded audits, we can warn ahead of time about imbalances and contribute to the growth of fiscal discipline," Busuioc said.
Discussions and presentations promoted awareness of new and evolving trends and practices impacting public debt and debt management, including climate change and public debt, climate finance instruments, sustainability reporting, integrating environmental, social, and governance (ESG) factors in public debt management and SAI audits, and leveraging innovation and advanced technologies in strengthening public debt management and its audit.
Assistant Commissioner Lito Q. Martin of the Professional and Institutional Development Sector, Director Ma. Theresa B. Ferreros, Co-Lead of the WGPD Technical Working Group, along with Ma. Theresa A. Mariano and April Ann R. Magpantay from the WGPD Secretariat, comprised the Philippine delegation.
The WGPD's mandate, stemming from the INTOSAI Knowledge Sharing and Knowledge Services' Goal Committees, includes preparing and publishing guidelines for SAIs on public debt reporting and management, identifying key issues for developing audit procedures, and exchanging knowledge with other institutions involved in public debt.