Philippines - First and Second Financial Sector Reform Development Policy Financing Project

Overview & Synopsis

Ratings for the First and Second Financial Sector Reform Development Policy Financing Project for Philippines were as follows: overall outcome and achievement of objectives (efficacy) was moderately satisfactory, relevance of prior actions was satisfactory, and Bank performance was highly satisfactory. Some lessons learned included: for development policy loan (DPLs), continued technical assistance and capacity building, with a programmatic structure, is key to ensuring strong implementation support for client counterparts. Designing a programmatic DPL series, as opposed to a stand-alone operation, ensures the gradual deepening of reforms and policy continuity across government administrations. Given the nature of policy and institutional reforms, more efforts should be expended in clearly communicating the substance and benefit of these reforms to stakeholders and the general public. Strong reform momentum and partnership generated by such an operation has positive spillovers to other World Bank (WB) operation in the country. Selectivity of reforms and metrics to measure should be an important feature of future operations.