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Lesson
Subsidiary regulations can have a significant impact. For example, in support of the Ease of Doing Business Act, the various joint memorandum circulars issued by government agencies had an immediate impact.

Project Number: 52173-001, 52173-003
Project Name: Local Governance Reform Program
Report Date:
Lesson
The program reaffirms the importance of ADB's long-term engagement in local governance reform. Its success can be attributed to policy actions in such areas as revenue generation, budget reform, and enhanced planning processes that were the emphasis of previous ADB programs. New policy reform areas such as Ease of Doing Business arose from dialogue with the government on new priorities.

Project Number: 52173-001, 52173-003
Project Name: Local Governance Reform Program
Report Date:
Lesson
To support an effective and sustainable exit strategy for beneficiaries, CCTs must strengthen the productive capacity of poor households. With the Philippines CCT law’s 7-year ceiling on duration of family participation,it will be important to communicate clearly with beneficiaries on their co-responsibilities and establish referral pathways.

Project Number: 43407-013
Project Name: Social Protection Support Project
Report Date:
Lesson
Building systems and organizational capacity is critical to the success of social assistance programs. Moving beyond a pilot to a national CCTprogram requires establishing project management structures, robust systems for information management, accountability mechanisms, and significant human resources. Despite impressive growth, the Philippines' CCT program faced challenges as it expanded nationally.

Project Number: 43407-013
Project Name: Social Protection Support Project
Report Date:
Lesson
Based on further information provided by ERCD, understanding the additional costs (beyond external review fees) would help in identifying the reasons why there was no second-round issuance (which affects reputation if green status is lost) even though issuers have already invested heavily to establish proper internal system to monitor use of proceeds and provide post-issuance reporting.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
The way the lesson was formulated in the TCR could be improved (it is stated more like an issue rather than lesson learned). But lessons can be inferred that addressing reputational risk and additional costs for meeting green bonds requirements, ensuring a certain level of market maturity, and establishing clear regulations by market regulators are necessary conditions to the successful attainment of the TA objectives.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
Furthermore, clear regulatory guidance from relevant market regulators are seen as key to promote sustainable finance in ASEAN+3.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
They also identified a lack of local currency green bond issues and the absence of investors with responsible investment mandates as reasons for the immaturity of green bond markets.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
There are concerns on the additional costs associated with green bond issuances, as well as reputational risk if their bonds lose their green status

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date: