Support for CoA

Twenty-six organizations from the private sector released a statement on Saturday “fully and wholeheartedly” supporting the exercise by CoA of its “constitutional power, authority and duty to examine, audit, and settle all accounts and expenditures of funds and properties of the Philippine government.”

They are the American Chamber of Commerce of the Philippines Inc., Ateneo de Manila University, Ateneo de Naga University, Ateneo de Zamboanga University, Chamber of Thrift Banks, Filipina CEO Circle, Financial Executives Institute Of The Philippines (Finex), Finex Cebu, Finex Academy Inc., Finex Research and Development Foundation Inc., Fintech Alliance Ph, Guild of Real Estate Entrepreneurs and Professionals Inc., Institute of Solidarity in Asia Inc., Integrity Initiative, Intellectual Property Association of the Philippines, Investment House Association of the Philippines, Judicial Reform Initiative, Licensing Executives Society Philippines, Makati Business Club, Management Association of the Philippines, Philippine Council of Associations and Association Executives, Procurement And Supply Institute of Asia, Shareholders’ Association of the Philippines, Subdivision and Housing Developers Association Inc., Tax Management Association of the Philippines, and Xavier UniversityAteneo de Cagayan de Oro.

They said CoA has the “exclusive authority to define the scope and promulgate rules of its audit and examination…for the prevention and disallowance of irregular, unnecessary, excessive, extravagant, or unconscionable expenditures, or misuse of government funds and properties” under the Constitution.

They went on to say that the agency has a constitutional obligation “to submit an annual report” on its findings and “other reports

as may be required by law” and “in accordance with the people’s constitutional right to information on matters of public concern, and to be safeguarded from the misuse of public funds and property.”

The groups said CoA is “an independent constitutional entity operating without hindrance and free of political and other types of undue pressure” and that the “exercise of its powers and fulfillment of its obligations under the Constitution must be treated with respect and attention.”

The groups further said the CoA’s constitutional nature allows it to “serve as a robust check-and-balance on the power to disburse and use public funds and properties, ensure that effective controls are in place to protect government financial assets

and properties, improve effectiveness and efficiency, and be a vital instrument against corruption and money laundering.”