The Commission on Audit (CoA), the Supreme Audit Institution (SAI) of the Philippines, led the 2025 Annual Meeting of the International Organization of Supreme Audit Institutions (INTOSAI) Working Group on Public Debt (WGPD) held in Bucharest, Romania during the third week of June.
CoA Chairperson Gamaliel A. Cordoba led the hybrid meeting, which focused on the theme “Global Trends in Public Debt Management Practices and the Role of SAIs.”
This year’s meeting aims to foster collaboration and knowledge sharing among SAIs and partner stakeholders. It also highlighted best practices and initiatives that enhance public debt and debt management and how SAIs should respond, emphasizing and adopting a proactive approach driving innovation and initiating change.
Hosted by the Romanian Court of Accounts, the event was participated by officials and experts from the SAIs of Qatar, North Macedonia, Lithuania, Kuwait, Pakistan, China, Thailand, Austria, Brazil, Türkiye, Egypt, Georgia, Portugal, Zambia, India, Kenya, Moldova, Seychelles, Jordan, Argentina, Ukraine, USGAO, and the Philippines, as well as guests from Governments of the Philippines and Romania, and experts from the International Monetary Fund.
Chairperson Cordoba, of SAI Philippines and as Chairperson of the INTOSAI WGPD, emphasized the contributions of SAIs in enhancing transparency, accountability and protection of the public interest. “This year’s agenda has been carefully structured to foster discussion and collaboration around emerging trends in public debt management and the evolving role of SAIs. We hope to raise awareness of new practices and developments, encourage knowledge sharing, and strengthen cooperation both within and beyond the SAI community,” he said.
President of the Romanian Court of Accounts Mihai Busuioc highlighted the critical function of the audit of public debt. “Through independent and well-founded audits, we can warn ahead of time about imbalances and contribute to the growth of fiscal discipline,” he noted.
The discussions and presentations promoted awareness on new and evolving trends and practices that has impact on public debt and debt management, such as climate change and public debt; climate finance and its instruments; sustainability reporting; integrating environmental, social, and governance (ESG) factors in public debt management and in SAIs’ audits; and leveraging innovation and advanced technologies in strengthening public debt management and its audit, among others.
Assistant Commissioner Lito Q. Martin of the Professional and Institutional Development Sector; Director Ma. Theresa B. Ferreros, Co-Lead of the WGPD Technical Working Group; along with Ma. Theresa A. Mariano and April Ann R. Magpantay, members of the WGPD Secretariat, joined the Philippine delegation.
The WGPD’s mandate stems from one of the three Goal Committees of the INTOSAI Knowledge Sharing and Knowledge Services. It is tasked to prepare and publish guidelines and other materials for use by SAIs to encourage the proper reporting and sound management of public debt; identify key issues for the development of responsibilities and procedures for auditing and evaluating public debt commitments; and exchange knowledge with other institutions dealing with public debt issues, among others.
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