Republic of the Philippines

                           Metro Manila Flood Management Project

                                           Chair Summary*

                                       September 28, 2017


       The Executive Directors approved a loan in the amount of US$207.6 million to the
Republic of the Philippines for the Metro Manila Flood Management Project on the terms and
conditions set out in the President’s Memorandum.

       Directors expressed support for the multi-sectoral operation that will improve flood
management in selected areas in Metro Manila, noting its importance to the Philippines’ climate
change adaptation strategy and prioritization of disaster risk reduction, especially for vulnerable
populations. The Directors affirmed the project’s contribution to meeting the Bank’s goal of
having 28 percent of its portfolio be climate-related by 2020.

        Directors welcomed the co-financing of the Asian Infrastructure Investment Bank (AIIB)
which will be the first project financed by the AIIB in the Philippines. Directors highlighted the
leadership of the Bank in this cooperation and noted the application of the Bank’s operational
policies, including safeguards and fiduciary. The Directors further noted that the Bank will
manage implementation support on behalf of the AIIB, creating a good opportunity for cost
sharing and learning.

        Directors noted the risks associated with project implementation. They emphasized
engagement with the Borrower and implementing agencies to ensure the needed institutional
capacity building within the Government. The Directors further noted that planning for
resettlement has been carefully prepared according to Bank operational policies, taking into
account existing conditions and focusing on key lessons learned from earlier government
programs. The Directors welcomed the strong focus on resettlement implementation support
planned by the Bank and encouraged discussion with the Government to address waste
management issues.

        The Directors also highlighted that adequate public consultations are vital throughout the
project implementation period to ensure the project’s acceptability and sustainability.




_________________________________
* This summary is not an approved record