COA, ADB meet to strengthen audit of foreign-assisted projects

ADB Philippines Country Director Pavit Ramachandran was joined by Ruth S. Farrant (directoe Public Financial Management 2) and other COA and ADB officials. PHOTO FROM COA

MANILA, Philippines—The Philippines’ Commission on Audit (COA) and the Asian Development Bank (ADB) held a meeting last November 20 to discuss support for strengthening COA’s audit of foreign-assisted projects and public debt audit.

Also on the agenda was 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.

ADB discussed its Philippine projects, 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 percent in the next three years.

ADB also discussed a stronger reliance on the Philippines’ PFM system which is crucial for ADB’s fiduciary responsibility.

Also discussed was 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 Tripartite 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 projects in the DPWH, DOTr, DSWD and DOH.

These include 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 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.