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

Officials from the Commission on Audit (COA) and the Asian Development Bank (ADB) met on Wednesday to discuss support for auditing foreign-assisted projects and public debt. This marks a step towards enhancing financial management reforms in the Philippines. The ADB highlighted its growing financial portfolio in the country, which is expected to increase by over 100% in the next three years. They reviewed specific projects, including the Expanded Social Assistance Project and the Angat Water Transmission Improvement Project. COA provided an overview of its audits on various ADB-financed projects across multiple government departments. The meeting underscored COA's important role in ensuring effective financial management systems for these initiatives.