FACTS: The case is about a bidder of Government PNCC shares and securities, Strategic Alliance Development Corporation (STRADEC) who has alleged its claim against PNCC (formerly Construction Development Corporation of the Philippines (CDCP)), a GOCC that has issued guarantee letters for a loan obtained from Radstock Securities Limited. The said loan was originally made against Marubeni Corporation which was later assigned to Radstock.

ISSUE: Whether or not GOCCs are included in the audit jurisdiction of COA.

HELD: GOCCs are included in the audit jurisdiction of COA as its jurisdiction extends not only to government "agencies or instrumentalities," but also to "government-owned and controlled corporations with original charters" as well as "other government-owned or controlled corporations" without original charters.

 


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