Philippines: Capacity Development of Financial Regulators

Sovereign Project | 44255-012 Status: Closed


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Project Name Capacity Development of Financial Regulators
Project Number 44255-012
Country Philippines
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8038-PHI: Capacity Development of Financial Regulators
Japan Fund for Poverty Reduction US$ 1.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector

Finance - Finance sector development

Gender Equity and Mainstreaming Some gender elements
Project Rationale and Linkage to Country/Regional Strategy

Project Outcome

Description of Outcome
Progress Toward Outcome The project had a single outcome; total local currency bonds to increase to 38% of GDP by December 2013. The project has essentially acheived this outcome as the Philippines local currency debt market currently represents 39% of GDP. However, many of the Philippines more advanced regional peers have local currency debt markets that exceed 70% of GDP, with local currency corporate debt markets ranging in size from 3 to 8 times that of the Philippines.
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues) The installation and testing of the Personal Equity and Retirement Account (PERA) System is at its final stage. The remaining consultants engaged for the installation is currently doing the user-acceptance hands-on training and exercises to relevant staffs in BSP to test its functionalities. The PERA system addresses BSP's need to effectively operationalize the PERA Act of 2008 and its implementing rules and regulation. It is designed to effectively administer the PERA products and generate the reportorial requirements in a secure and efficient way.
Geographical Location

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Three TA projects were completed to support project planning that included wide stakeholder participation from both the public and private sectors.
During Project Implementation

Business Opportunities

Consulting Services ADB will hire consultants through quality- and cost-based selection (80:20), according to its Guidelines on the Use of Consultants (2010, as amended from time to time). National experts will be hired for implementation and capacity development in support of the launch of the PERA (output 1) and for the automation of SEC licensing and registration (output 2). International experts will provide the remaining TA services (outline terms of reference are in Appendix 3). Expressions of interest solicited from qualified consulting firms will establish the appropriate packaging of the consulting services (one or several packages, depending on market testing). Disbursements under the TA will conform to ADB's Technical Assistance Disbursement Handbook (2010, as amended from time to time).

Responsible Staff

Responsible ADB Officer Stephen Schuster
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Department of Finance
DOF Building
Bangko Sentral ng Pilipinas Complex
Roxas Blvd., Manila, Philippines


Concept Clearance 16 Jun 2011
Fact Finding 06 May 2011 to 06 May 2011
Approval -
Last Review Mission -
Last PDS Update 25 Sep 2015

TA 8038-PHI

Approval Signing Date Effectivity Date Closing
Original Revised Actual
16 Dec 2011 15 Feb 2012 15 Feb 2012 31 Dec 2013 31 Dec 2015 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,000,000.00 200,000.00 0.00 0.00 0.00 1,200,000.00 16 Dec 2011 916,814.88
Title Document Type Document Date
Capacity Development of Financial Regulators Technical Assistance Reports Dec 2011

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

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