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 Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2014 | Seq No: 2 | ARCHIVED on 24-Apr-2015 | ISR18622 | Implementing Agencies: Philippine Statistics Authority Key Dates Key Project Dates Board Approval date:10-Dec-2013 Effectiveness Date:25-Apr-2014 Planned Mid Term Review Date:30-Jan-2015 Actual Mid-Term Review Date:28-Nov-2014 Original Closing Date:31-Dec-2015 Revised Closing Date:31-Dec-2015 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 Capacity building for the institutionalization of the selected SEEA modules:(Cost $0.45 M) Project Oversight and Management:(Cost $0.17 M) Development of macroeconomic indicators based on WB methodology:(Cost $0.01 M) Development of physical and monetary accounts for minerals and mangroves based on the UN’s 2012 SEEA:(Cost $0.07 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Moderately Satisfactory 4/24/2015 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) Implementation Status and Key Decisions Implementation is progressing well. Preliminary estimates have been developed for the national mineral asset accounts and are currently being validated. Discussions have also begun on the potential to develop mangrove accounts under and a set of next steps was agreed. 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 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments The target end date is based on the original three-year project design. 4/24/2015 Page 2 of 6 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 The PSA considers WAVES to be an opportunity to revitalize the natural capital accounting work conducted during the 1990s and early 2000s and in fact has included the establishment of an Environment and Disaster Statistics Division under the Macroeconomic Accounts Services of the Sectoral Statistics Office in the new PSA structure that will be in charge of creating natural capital accounts and would ultimately absorb the staff currently hired under the Recipient-Executed Trust Fund (RETF). PSA has made good progress in developing the national mineral asset accounts with the support of the four staff recruited under the project. Preliminary national mineral accounts (physical asset accounts) have been compiled for gold, copper, chromium and nickel for 2000-2012 using administrative data. 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 0.00 3.00 Date 25-Apr-2014 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments A training on the World Bank method for compiling macroeconomic sustainability indicators was conducted in April 2015. The Government will now develop a work plan for compiling said indicators. The target end date is based on the original three-year project design. PHINDIRITBL  Asset accounts for mineral resources compiled regularly (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 1.00 Date 25-Apr-2014 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments The target end date is based on the original three-year project design. 4/24/2015 Page 3 of 6 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  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 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments Once the asset accounts are finalized, work will begin on the flow accounts. The target end date is based on the original three-year project design. PHINDIRITBL  Asset accounts for mangrove 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 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments The target end date is based on the original three-year project design. PHINDIRITBL  Flow accounts for mangrove 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 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments The target end date is based on the original three-year project design. 4/24/2015 Page 4 of 6 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 65.00 90.00 120.00 Date 25-Apr-2014 19-Sep-2014 03-Mar-2015 30-Apr-2017 Comments PSA staff participated in a training on ecosystem accounting and a training on macroeconomic sustainability indicators. The target end date is based on the original three-year project design. PHINDIRITBL  Regular Steering Committee meetings organized (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2.00 3.00 4.00 16.00 Date 25-Apr-2014 30-Sep-2014 03-Mar-2015 30-Apr-2017 Comments The original intention was to conduct quarterly steering committee meetings. For now bi-annual steering committee meetings have been conducted, which during the initial phase proved to be sufficient. The target end date is based on the original three-year project design. Overall Comments Preliminary national mineral accounts (physical asset accounts) have been compiled for gold, copper, chromium and nickel for 2000-2012 using administrative data. The asset accounts are focusing on the organized sector, and are being developed in close collaboration with the Mines and Geoscience Bureau (MGB) of the Department of Environment and Natural Resources (DENR). The mineral asset accounts will now be further refined through a series of validation and consultation workshops. Initial discussions were held with the PSA, NEDA, several DENR bureaus and the National Mapping and Resource Information Authority on both the data availability as well as possible uses of the mangrove accounts. It was agreed that a mangrove asset account would be too limited in scope, as extraction of timber from mangroves is prohibited. However, there is an opportunity to extend the mangrove account beyond a simple asset account and model key ecosystem services, most notably coastal zone protection services. The PSA has requested a one-week training on macroeconomic indicators, including adjusted net savings, adjusted net income, produced capital and comprehensive wealth, to be conducted in the week of April 6th. The draft training program was discussed with the Government and revised accordingly. 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 0.19 0.51 27% 4/24/2015 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Philippine Wealth Accounting and the Valuation of Ecosystem Services RETF (P146075) 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 31-Dec-2015 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 4/24/2015 Page 6 of 6 Public Disclosure Copy