Latest news with #CommissiononAudit
The Star
12-07-2025
- Business
- The Star
Philippines burdened by South China Sea arbitration, says expert
MANILA (Xinhua): The so-called South China Sea arbitration of 2016, initiated unilaterally by the Philippines, has triggered "a myriad of problems" for the country, economically, diplomatically and regionally, one expert has said. Herman Tiu Laurel, president of the Asian Century Philippines Strategic Studies Institute, a Manila-based think tank, told Xinhua in a recent interview that Manila spent US$30 million merely to pay off legal fees and expenses of lawyers who prepared the case, a figure criticised by the Philippines' Commission on Audit as "unnecessary and excessive." "The arbitration has in fact become an anchor around the Filipino people's neck, weighing the nation down economically," Laurel said. "I have articulated a myriad of problems created by the 2016 arbitration ruling, particularly the economic and diplomatic damage it has inflicted and continues to inflict on the Philippines," he said, stressing that regional peace and stability have been at risk due to the tensions caused by the so-called award. The arbitration ruling "has become the source of 'silent alienation' of the Philippines from its ASEAN family, being in conflict with China while all the rest, including those with South China Sea disputes, are in full cooperation mode with China," Laurel said. Laurel advocates for the Philippines to emulate other Asean countries' "successful and mutually beneficial" approach by engaging in dialogue and constructive cooperation with China. "China has continuously demonstrated through modern historical times to be a force for peace and harmony," he noted. This year marks the 50th anniversary of the establishment of diplomatic relations between China and the Philippines. Over that half-century, cooperation has grown in trade, investment and people-to-people exchanges. Yet, the arbitration ruling continues to cast a shadow, Laurel said. He also pointed to the May midterm elections in the Philippines, noting that many newly elected senators are "independent-minded," bringing new hope for easing bilateral tensions. The Philippines should "redouble its efforts" to return to the independent and neutral foreign policy and to "focus on building lasting peace and prosperity with our neighbors and the global majority," Laurel said. - Xinhua
GMA Network
07-07-2025
- Business
- GMA Network
Cebu City Hall gets Heidi Mendoza to audit finances, for free
The Cebu City Government gets help in auditing its finances from a former chief of the Commission on Audit (COA), free of charge. Vice Mayor Tomas Osmeña, in his post evening on July 6, 2025, cited that Cebu City needs help from Heidi Mendoza, former COA commissioner. 'We need help. Thankfully, we're getting help from the most capable, credible, and qualified independent fiscalizer I can think of: none other than Commissioner Heidi Mendoza herself,' Osmeña said. The decision to ask immediate assistance from Mendoza came after the current administration, Osmeña said, could not find reportedly the P12 billion that the previous mayor has claimed to have left behind in the city coffers. 'Cebu City's finances are a mess. The 12B that the previous mayor claims to have left behind cannot be found,' Osmeña said in his post. The vice mayor alleged that 'crucial documents are missing, and even then, anomalous transactions are being discovered every day.' Osmeña cited of alleged 'overpriced luxury vehicles, job order (JO) workers who do not exist; shirts worth P20,000; large purchases made without proper authorization, barangay tanods who have not been paid since last year.' In addition, Osmeña said that 'accounts payable are in the billions.' The vice mayor emphasized that not only was Mendoza the officer in charge of the Commission on Audit, she also served as undersecretary general of the United Nations Internal Oversight Services. 'Her track record is unassailable. I cannot name a better third-party to help audit Cebu City's finances,' he pointed out. The service, he underscored, is for free. 'Dean Heidi is graciously doing this all for free. She has graciously refused a consultancy position from City Hall. She said she wants to be able to help without being beholden to anyone. In turn, she will help uncover all the 'baho' (stench) hiding in City Hall. No sacred cows, no special protections,' Osmeña further said.
Filipino Times
01-07-2025
- Business
- Filipino Times
Pag-IBIG Fund earns 13th straight unmodified opinion from COA
Pag-IBIG Fund has earned its 13th consecutive Unmodified Opinion from the Commission on Audit (COA), reaffirming its commitment to excellence in financial management, sound governance practices, and consistent compliance with accounting and auditing standards, officials announced on Tuesday, July 1. The latest audit opinion followed COA's comprehensive review of Pag-IBIG Fund's financial statements and operations for the year 2024. The review confirmed that the agency's transactions were properly conducted in accordance with applicable laws and regulations, and that its financial statements were fairly presented, in all material respects, in line with relevant government accounting and reporting standards. 'This is further proof that Pag-IBIG Fund has been, and continues to be, managed with professionalism, prudence, and integrity,' said Secretary Jose Ramon P. Aliling, head of the Department of Human Settlements and Urban Development and Chairperson of the 11-member Pag-IBIG Fund Board of Trustees. 'It is a testament to how Pag-IBIG Fund upholds the highest standards in managing our members' hard-earned savings and in fulfilling its mandate to serve the Filipino worker. This achievement also reflects Pag-IBIG Fund's strong position, as it plays a key role in the administration's flagship Expanded Pambansang Pabahay para sa Pilipino (4PH) Housing Program. We remain committed to the directive of President Ferdinand Marcos Jr. to build a more secure, resilient, and prosperous future for every Filipino family.' COA had previously issued unqualified opinions on Pag-IBIG Fund from 2012 to 2017 and unmodified opinions from 2018 to 2024. With this latest result, Pag-IBIG Fund joins a short list of Philippine government agencies and GOCCs that have consistently received unqualified and unmodified opinions for over a decade, a noteworthy distinction that underscores its sustained fiscal discipline and commitment to transparency. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta likewise emphasized the significance of this recognition, highlighting how it reflects the agency's outstanding performance and service delivery in 2024. 'Pag-IBIG Fund exceeded the one-trillion-peso mark in total assets and posted a historic net income of ₱66.78 billion last year. We also achieved all-time highs in our housing loan releases, cash loan disbursements, and loan collections, enabling more Filipino workers to access affordable home financing and meet their short-term financial needs. Earning COA's Unmodified Opinion for the 13th consecutive year affirms that we accomplished all these while upholding the highest standards of integrity, in line with President Marcos Jr.'s call for excellence and accountability in public service, said Acosta.' 'This recognition reinforces our members' trust, knowing that their savings are safe, protected, and responsibly managed. We will continue to serve them with Tapat na Serbisyo, Mula sa Puso, and remain focused on sustaining this track record of integrity in the years ahead, she added.' The unmodified opinion from COA adds to the list of recognitions earned by Pag-IBIG Fund from governing bodies for its excellence in public service last year. In 2024, Pag-IBIG Fund was also named as one of the top-performing government firms for good governance by the Governance Commission for GOCCs (GCG). Pag-IBIG Fund also earned a satisfaction rating of 99.52% in its 2024 Client Satisfaction Measurement, in accordance with the standards set by the Anti-Red Tape Authority (ARTA) and the GCG.
