The World Bank Report No: ISR16379 Implementation Status & Results Philippines Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) 0 o Operation Name: Philippine Wealth Accounting and the Valuation of Project Stage: Implementation Seq.No: 1 Status: ARCHIVED Archive Date: 05-Dec-2014 Ecosystem Services RETF (P146075) Country: Philippines Approval FY: 2014 Product Line: Recipient Executed Activities Region: EAST ASIA AND PACIFIC Lending Instrument: Investment Project Financing Implementing Agency(ies): Philippine Statistics Authority - Key Dates Board Approval Date 10-Dec-2013 Original Closing Date 31-Dec-2015 Planned Mid Term Review Date 30-Jan-2015 Last Archived ISR Date Effectiveness Date 25-Apr-2014 Revised Closing Date 31-Dec-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Philippine Wealth Accounting and Valuation of Ecosystems Recipient-executed Trust Fund (Phil-WAVES RETF) is to support institutionalization of selected modules of the System of Environmental-Economic Accounting (SEEA) 2012. Has the Project Development Objective been changed since Board Approval of the Project? O Yes ® No Component(s) Component Name Component Cost Capacity building for the institutionalization of the selected SEEA modules 0.45 Project Oversight and Management 0.17 Development of macroeconomic indicators based on WB methodology 0.01 Development of physical and monetary accounts for minerals and mangroves based on the UN's 0.07 2012 SEEA 0 o Overall Ratings Previous Rating Current Rating o Progress towards achievement of PDO Satisfactory co Overall Implementation Progress (IP) Satisfactory n Overall Risk Rating Moderate 0 Implementation Status Overview The Philippine Statistics Authority (PSA) has shown strong commitment to the project. Four new technical staff have been hired to help develop the accounts and compile data for the project's two selected SEEA accounts (minerals and mangroves). Data scoping and validation for the mineral asset accounts is well advance, with first estimates expected by the end Page 1 of 4 ) The World Bank Report No: ISR16379 of 2014. Development of mangrove accounts will follow completion of the mineral accounts. To support the long-term institutionalization of the system, 30 government agency staff have received introductory training and an additional 35 have participated in an intensive, one-week SEEA course - funded by the support of the Australian Bureau of Statistics. Q Locations 0 o No Location data has been entered o Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Functioning system for the regular compilation Yes/No Value No Yes Yes of selected modules of System of Date 25-Apr-2014 19-Sep-2014 Environmental-Economic Accounting (SEEA). Comments 4 technical staff hired under Evidenced by dedicated govt PSA staff for natural capital accounts and regular reporting mechanism for production of annual NCAs Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Macroeconomic indicators based on NCA Number Value 0.00 0.00 3.00 compiled regularly Date 25-Apr-2014 19-Sep-2014 Comments The Philippines does not Production of macroeconomic The three indicators are produce macroeconomic indicators has not yet begun adjusted net investment indicators based on NCA. (planned to begin in year 2 of (ANI), adjusted net savings implementation). (ANS), and comprehensive wealth. Asset accounts for mineral resources compiled Number Value 0.00 0.00 1.00 regularly Date 25-Apr-2014 19-Sep-2014 Comments The Philippines does not Data scoping and validation Accounts expected to cover produce mineral asset for the mineral asset accounts gold, copper, nickel, and accounts. has been ongoing since and it chromium assets. is expected that first O estimates will be available by 0 the end of the calendar year. Flow accounts for mineral resources compiled Number Value 0.00 0.00 1.00 regularly 0 Date 25-Apr-2014 19-Sep-2014 Dn. Comments The Philippines does not for the and validation Accounts expected to cover emineral asset accounts Page 2 of 4 The World Bank Report No: ISR16379 produce mineral flow has been ongoing since and it gold, copper, nickel, and accounts. is expected that first chromium assets. estimates will be available by the end of the calendar year. o Asset accounts for mangrove resources Number Value 0.00 0.00 1.00 compiled regularly Date 25-Apr-2014 19-Sep-2014 Comments The Philippines does not Production of mangroves produce mangroves asset accounts has not begun yet; accounts. this is planned to begin in S R S g tYear 2 (after the minerals a u iaccounts) and to be completed in Year 3. Flow accounts for mangrove resources Number Value 0.00 0.00 1.00 compiled regularly Date 25-Apr-2014 19-Sep-2014 Comments The Philippines does not Production of mangroves produce mangroves flow accounts has not begun yet; accounts. this is planned to begin in Year 2 (after the minerals accounts) and to be completed in Year 3. o Selected PSA and Government staff trained to Number Value 30.00 65.00 120.00 compile and maintain natural capital accounts Date 25-Apr-2014 19-Sep-2014 Comments Prior to the countersignature The ABS delivered a one- The end target was revised of the RET GA, a first week training course on the from 90 to 120 as 30 PSA introductory training on SEEA SEEA-2012 (Central staff were already trained Central Framework was Framework) and its linkages through other funds prior to conducted in February 2014, to the SNA 2008. RETF grant signature. increasing the baseline from 0 Approximately 35 participants, to 30. mostly from the PSA but also representing many other to30 agencies, attended the week- long training course in Clark, Pampanga, which incorporated material on the SNA 08 and SEEA 2012. Steering Committee meetings Number Value 2.00 3.00 FRegular 16.00 organized Date 25-Apr-2014 30-Sep-2014 t Comments Prior to the countersignature The third SC meeting was Meetings to be held on a 2 -0 of the RETF GA, two steering held on September 30, 2014. quarterly basis. meetings were mtcommittee already held Page 3 of 4 ) The World Bank Report No: ISR16379 Data on Financial Performance (as of 07-Jul-2014) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P146075 TF-16218 Effective 25-Apr-2014 25-Apr-2014 25-Apr-2014 31-Dec-2015 31-Dec-2015 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed 0 P146075 TF-16218 Effective USD 0.70 0.70 0.00 0.14 0.56 20.00 ., D Disbursement Graph - Original ---- Formally Revised -- Actual 0.8 0.7- 0.6- n 0.5- 0.4- S0.3- 0.2- 0.1 0- >, Key Decisions Regarding Implementation o It was agreed that there is a need to revise and update the procurement plan to fund activities that are necessary to achieve the Grant's development objective, because (i) the free technical support provided by the Australian Bureau of Statistics has freed up project resources and (ii) the recent agreement to engage PSA in the production of the ecosystem accounts will require a reallocation of resources. In this regard, PSA will submit the revised and updated PP to the Bank by the October 24, 2014. The revised procurement plan will be the basis for the updated disbursement projection. 0 Restructuring History - There has been no restructuring to date. Related Projects There are no related projects. Page 4 of 4