Japan affirms the Philippines’ high credit rating; Parañaque has the fastest and strongest economic growth in 2023; CoA leads the world and ASEAN audit meet.
The Japan Credit Rating Agency Ltd. (JCR) has highlighted the Philippines’ high and sustainable economic growth, as well as its successful fiscal consolidation efforts, in its recent reaffirmation of the country’s high investment grade of “A-” with a stable outlook.
Finance Secretary Ralph G. Recto welcomed the development, calling it another strong vote of confidence in the Marcos administration’s development agenda that will benefit all Filipinos.
An “A-” rating signals strong macroeconomic stability and robust creditworthiness. This translates to lower borrowing costs for the government and businesses, more foreign direct investments, and ultimately more jobs for Filipinos.
Through government-led infrastructure projects, the economy has maintained its strength, driven by solid private consumption and fixed capital formation. High growth is expected to be retained over the medium term.
On the local government front, according to the CoA 2023 Annual Financial Report (published by media only this year), by total assets, Parañaque City registered the strongest and fastest economic growth among the Top 10 cities in the Philippines.
It recorded a significant jump, by four notches, from the tenth most prosperous city with assets of P27.376 billion in 2022, to the sixth richest with assets of P35.5. billion in 2023 — an increase of P8.124 billion.
CoA leads the world and ASEAN countries in audit meet.
Let us appreciate the positive contributions the Commission on Audit (CoA) has made and continues to make worldwide for the benefit of our country and its people.
The CoA, in its capacity as the current chairperson of the ASEAN Supreme Audit Institutions (ASEANSAI), successfully hosted the 8th ASEANSAI Senior Officials Meeting (SOM) last month, and a Preparatory Meeting at the Savoy Hotel Manila. The event convened 26 senior representatives from 10 ASEANSAI member institutions to discuss key governance and operational matters.
The 8th ASEANSAI SOM was chaired by Yudi Ramdan representing the Secretary General of the Audit Board of the Republic of Indonesia and head of the ASEANSAI Secretariat.
The Commission on Audit successfully hosted the International Organization of Supreme Audit Institutions Development Initiative Information Security Workshop held from 11 to 14 August at the Shangri-La Hotel in Makati City.
The event gathered participants from supreme audit institutions across Asia and the Middle East to create a platform for the exchange of insights, best practices and challenges in the field of information security among SAIs.
The participants were Mohamed Nimal Thaufeeg and Aminath Fashwa from Maldives, Mahmood Alam Gill from Pakistan, Higino Lagrio Imperial and Ivan Igot Canoy from the Philippines, and Ismail Hamdan Ai Risi and Ibrahim Abdullah Al-Shaqsi from Oman.
This diverse participation underscored the collaborative spirit of the workshop in strengthening the capacity of audit institutions to manage information security risks.
In another international meeting, CoA Commissioner Douglas Michael N. Mallillin led the Philippine Supreme Audit Institution delegation to the 62nd Governing Board Meeting of the Asian Organization of Supreme Audit Institutions (ASOSAI) held in Baku, Azerbaijan, on 17 July. SAI Philippines is a member of the ASOSAI GB, the executive arm of the ASOSAI.
The event was attended by some 100 participants from SAIs of Azerbaijan, Brazil, China, India, Japan, Kazakhstan, Korea, Kuwait, Malaysia, Pakistan, Philippines, Russia, Saudi Arabia, Thailand, United Arab Emirates, Vietnam, and representatives from the International Organization of Supreme Audit Institutions Secretariat and the INTOSAI Development Initiative.
ASOSAI is one of the regional groups of INTOSAI, established in 1979 to promote understanding among SAIs through the exchange of ideas in the field of public audit and to provide continuous training and education for government auditors. It currently has 48 member SAIs.
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