FACTS: On 19 August 1999, COA issued resolution stating that the BSP, being a government- controlled corporation and a government instrumentality, is subjected to audit by COA. BSP responded to COA that it is not a GOCC, that it only gets donations and funds from the government as being part of the DepEd budget, and it is an attached agency of DECS and not a line agency. On 03 July 2000, the COA furnished the BSP a copy of memorandum in response to the letter of the BSP stating that the Supreme Court ruling in G.R. No. 807607, BSP was declared as a GOCC with an original charter and a government instrumentality. Further, COA have the power, authority, and duty to examine, audit and settle all accounts pertaining to the revenue and receipts of, and expenditures or uses of funds and property, owned or held in trust by, or pertaining to, the Government, or any of its subdivisions, agencies or instrumentalities, including GOCC with original charters. On a letter dated 20 November 2000, the COA will conduct preliminary audit procedures to the BSP. BSP requested the COA to defer audit procedures which the COA denied. Then BSP sent a motion for reconsideration which was also denied. BSP filed a petition for prohibition with preliminary injunction and temporary restraining order against the COA at the Supreme Court. Issue Is the BSP a public corporation subject to COA audit? Held: Yes, the BSP is a public corporation subject to COA Audit. Based on the classification of juridical persons of the Civil Code of the Philippines, Article 44, the BSP is classified as public corporation which provides that other corporations, institutions and entities for public interest or purpose created by law; their personality begins as soon as they have been constituted according to law. It does not fall within the constitutional prohibition in Article XII, Section 16, notwithstanding the amendments to its charter. Not all corporations, which are not government owned or controlled, are ipso facto to be considered private corporations as there exists another distinct class of corporations or chartered institutions which are otherwise known as public corporations. These corporations are treated by law as agencies or instrumentalities of the government which are not subject to the tests of ownership or control and economic viability but to different criteria relating to their public purposes/interests or constitutional policies and objectives and their administrative relationship to the government or any of its Departments or Offices. Since funds for the BSP do come from the government, as stated in Section 8 of R.A. 7278, as well as establishing the juridical personality of the BSP as a public corporation, the Supreme Court ruled that the BSP is subject to COA audits.