MANILA—One of the top four accounting firms Sycip Gorres Velayo & Co. (SGV) has been chosen to provide assistance to the Bureau of the Treasury (BTr) in managing and monitoring the government’s contingent liabilities (CL), as an integral part of the Public Financial Management (PFM) Reform Program. The objective of the project is to strengthen the information base and policy framework for managing contingent liabilities.
The Philippines- Australia Public Financial Management Program (PFMP) is providing technical assistance to the BTr by engaging SGV, whose consultants have actual and valuation expertise.
Expected outputs from the engagement include: (1) develop a framework on the government’s provision of guarantee and foreign exchange cover; (2) use of the Contingent Claim Analysis (CCA) methodology in the valuation of the explicit contingent liabilities of the government arising from liabilities guaranteed by the government; and (3) institutionalize and establish CL Reporting Guidelines and Framework. SGV will also provide coaching for BTr officers and staff for the continuity in the implementation of CL Management.
To jumpstart the project, SGV paid a courtesy call to PFMP and BTr officials and presented an Inception Report detailing their proposed scope of work, methodology and timelines and members of the technical working group involved in the project.
Photo shows (seated, left to right): Deputy Treasurer Erwin Sta. Ana, PFMP Team Leader and Department of Foreign Affairs and Trade Counsellor Daniel Featherston, Treasurer Roberto Tan, and Deputy Treasurer Sharon Almanza; (standing, left to right): BTr Team Jico Oracion, John Cedrick de Leon, Luis Senires, Arturo Trinidad and SGV Team Ernest Adrian Co, Alister Benedict Rodriguez, Mitchelle Collin Valero, Earl Adrian Lim and SGV Partner Christian Lauron.