Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) EAST ASIA AND PACIFIC | Philippines | Environment & Natural Resources Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2014 | Seq No: 5 | ARCHIVED on 28-Apr-2017 | ISR27673 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:30-Jan-2014 Effectiveness Date:25-Apr-2014 Original Closing Date:31-Dec-2015 Revised Closing Date:30-Apr-2017 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 tosupport 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 Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Unsatisfactory  Moderately Satisfactory Overall Implementation Progress (IP)  Moderately Unsatisfactory  Moderately Satisfactory Implementation Status and Key Decisions The project has made significant progress over the past half year and it is now expected that most of the project development objectives will be achieved in relation to institutionalizing the selected modules of the SEEA as part of a functioning system for their regular updating and application. A draft mangroves account at the national level and for the selected case study site have been produced and will be vetted by the Taskforce on Mangroves Accounts. Environmentally adjusted macroeconomic indicators have already been produced. The Government of the Philippines has developed a draft roadmap outlining its plans for institutionalizing NCA across all relevant Government agencies according to their respective mandates. Following considerable capacity building efforts, the staff and institutional structures are now in place to continue producing and using 4/28/2017 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) natural capital accounts as part of a regular function of Government. Risks Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall  Low  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL Functioning system for the regular compilation of selected modules of System of Environmental-Economic Accounting (SEEA). (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 25-Apr-2014 20-Oct-2016 11-Apr-2017 30-Apr-2017 Comments The Phil-WAVES TA was implemented under a challenging institutional environment following the reorganization of the formerly four statistical offices into the PSA, the departure of several senior staff working on natural capital accounts subsequently and the most recent change in administration, which has left all the senior staff in a holdover position. In spite of this, the PSA was able to create and resource a dedicated unit for natural capital accounts - Environment and Natural Resources Accounts Division (ENRAD) under the Macroeconomics Accounts Service. Currently only 2 of the 9 positions are filled, but recruitment for the remaining positions is ongoing and the remaining 7 positions are expected to be filled by July 1, 2017. The prospective staff (all of whom are internal candidates) were already part of the recent capacity building activities and will also include the technical staff hired under the RETF. This division will be responsible for the compilation of the Environmental Statistics including disaster statistics, environmental accounts and wealth accounts (i.e., ANS, ANI, and CW). Senior PSA management is strongly committed to institutionalizing natural capital account as articulated in the draft NCA roadmap, which will include regularly producing and updating all the accounts compiled under the Phil-WAVES TA as well as additional accounts. The draft roadmap for the institutionalization of NCA, includes a detailed work and financial plan outlining roles and responsibilities for account developer as well as data providers and users based on each Government agencies respective mandate. The draft roadmap is currently being discussed within Government and will be finalized in May 2017. Overall Comments 4/28/2017 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) Intermediate Results Indicators PHINDIRITBL Macroeconomic indicators based on NCA compiled regularly (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 4.00 3.00 Date 25-Apr-2014 20-Oct-2016 11-Apr-2017 30-Apr-2017 Comments Draft macroeconomic indicators - adjusted net national income, adjusted net national savings, produced capital and comprehensive wealth for the period of 2002-2012 - have been produced, validated and finalized with support of an international and national consultant. The ENRAD unit and PSA staff received both formal and hands-on training on the development of the macroeconomic indicators and, thus, have the skills to continue updating the macroeconomic indicators going forward as planned under the NCA roadmap. PHINDIRITBL Asset accounts for mineral resources compiled regularly (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 1.00 Date 25-Apr-2014 20-Oct-2016 11-Apr-2017 30-Apr-2017 Comments The mineral asset accounts for gold, copper, nickel and chromium for 2001-2012 have been published and disseminated in November 2016. There are plans to update and expand the mineral asset accounts to 2016 after project closing as part of the NCA roadmap. PHINDIRITBL Flow accounts for mineral resources compiled regularly (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 25-Apr-2014 20-Oct-2016 11-Apr-2017 30-Apr-2017 Comments Following the minerals accounts scoping exercise, the PSA decided to focus on the development of asset accounts only and not to develop 4/28/2017 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) flow accounts based on Government priorities and data availability. However, some elements related to flow accounting are part of the asset accounts under item of extraction PHINDIRITBL Asset accounts for mangrove resources compiled regularly (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 2.00 1.00 Date 25-Apr-2014 20-Oct-2016 26-Apr-2017 30-Apr-2017 Comments Following the scoping exercise and preparation of two background report, the PSA has produced the following draft mangroves ecosystem service accounts for which the accompanying technical reports are currently being finalized For the asset accounts the following have been produced at two different geographical scale. • at the national level: mangroves extent (physical), biomass (physical and monetary) and carbon stocks and (physical and monetary) • at the case study site level (Pagbilao, Quezon): mangroves extent (physical), biomass (physical and monetary) and carbon stocks ion (physical and monetary) PHINDIRITBL Flow accounts for mangrove resources compiled regularly (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 2.00 1.00 Date 25-Apr-2014 20-Oct-2016 26-Apr-2017 30-Apr-2017 Comments Following the scoping exercise and preparation of two background report, the PSA has produced the following draft mangroves ecosystem service accounts for which the accompanying technical reports are currently being finalized For the flow/ecosystem service accounts the following have been produced at two different geographical scale. • at the national level: carbon sequestration (physical and monetary) • at the case study site level (Pagbilao, Quezon): carbon sequestration (physical and monetary), fisheries production (monetary), coastal protection (monetary), recreation (monetary) 4/28/2017 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) PHINDIRITBL Selected PSA and Government staff trained to compile and maintain natural capital accounts (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 30.00 110.00 234.00 120.00 Date 25-Apr-2014 20-Oct-2016 11-Apr-2017 30-Apr-2017 Comments Several trainings took place since October 2016: • SEEA Central Framework training for PSA (ca. 25 participants largely from PSA) • SEEA Ecosystem accounting training (27 participants from PSA, NEDA, DENR, LLDA and UPLB) • Training on macroeconomic indicators (ca. 25 participants largely from PSA) • Evaluation workshop on macroeconomic indicators (16 participants from PSA, and NEDA) • 3 day training on on approaches for estimating coastal protection benefits of mangroves and reefs (33 participants from PSA, NAMRIA, DENR, PAGASA, LLDA, PCSD, and PVolcs) PHINDIRITBL Regular Steering Committee meetings organized (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2.00 7.00 7.00 10.00 Date 25-Apr-2014 20-Oct-2016 11-Apr-2017 30-Apr-2017 Comments The 8th and final SC meeting is scheduled for April 18, 2017. Note that the original plan was to hold quarterly meetings, which was too frequent to ensure the necessary high level Government participant and given the slow implementation progress. The SC eventually ended up meeting on a biannual basis, which was sufficient to ensure smooth project implementation. 4/28/2017 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P146075 TF-16218 Effective USD 0.70 0.70 0.00 0.69 0.01 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146075 TF-16218 Effective 25-Apr-2014 25-Apr-2014 25-Apr-2014 31-Dec-2015 30-Apr-2017 Cumulative Disbursements Restructuring History There has been no restructuring to date. 4/28/2017 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) Related Project(s) There are no related projects. 4/28/2017 Page 7 of 7 Public Disclosure Copy