COA and ADB meet to enhance audit of foreign-assisted projects in the Philippines

The Philippines’ Commission on Audit (COA) and the Asian Development Bank (ADB) met on November 20 to enhance COA's auditing of foreign-assisted projects and public debt. They also discussed reforms in Public Financial Management (PFM). ADB officials noted a stronger partnership with the Philippine government, anticipating a 100% increase in their financial portfolio over the next three years. They emphasized the importance of the Philippines' PFM system for ADB's fiduciary responsibilities. The meeting covered various ADB-financed projects, including those in transportation and health. COA representatives provided updates on their audits of these projects, highlighting COA's role in ensuring effective financial management.