Philippines - Third Livestock and Fisheries Credit Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. 7871 PROJECT COMPLETION REPORT PHILIPPINES THIRD LIVESTOCK AND FISHERIES CREDIT PROJECT (LOAN 1894-PH) JUNE 28, 1989 Agriculture Operations Division Country Department II Asia Regional Office This document has a restrited distribution and may be used by rci ens only in the perfonnance of thew officd duties. Its contents may not othermise be dislosed without World Bank authoidzaon.  ABBREVIATIONS BAI - Bureau of Animal Industry BFAR - Bureau of Fisheries and Aquatic Resources DBP - Development Bank of the Philippines ERR - Economic Rate of Return FAOICP - FAO/World Bank Cooperative Programme FIDC - Fisheries Industry Development Council FRR - Financial Rate of Return GOP - Government of Philippines IBRD - International Bank for Reconstruction and Development MAP - Ministry of Agriculture and Food MNR - Ministry of Natural Resources M&E - Monitoring and Evaluation MT - Metric Tons PCR - Project Completion Report SAR - Staff Appraisal Report TA - Technical Assistance WP - Working Paper GOVERNMENT OF THE PHILIPPINES FISCAL YEAR January 1 - December 31  THE WORLD BANK FOR OFFICIUL USE ONLY Washtngton. D.C 20433 U.S A omc of Ov.ctntG.sfi Opeatui4 Evuutwn June 28, 1989 MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT SUBJECT: Project Completion Report on "hilippines Third Livestock and Fisheries Credit Project (Loan 1894-PH) Attached, for information, is a copy of a report entitled *Project Completion Report on Philippines Third Livestock and Fisheries Credit Project (Loan 1894-PH)" prepared by the Government of the Philippines, with an overview memorandum prepazed by the Asia Regioral Office. No audit of this project has been made by the Operations Evaluation Department at this time. Attachment This document has a restricted distribution and may be used by recipients only mn the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  FOR OFMCIL USE ONLY PRILIPPINES TRID LIVESTOCK AND FISUERIES CREDIT PROJECT (LOAN 1894-PH) PROJECT COMPLETION REPORT Table of Contents Page No. Basic Data Sheet ........................................... Li ....... viii Introduction .................... viii Project Background ..................... viii Project Objectives... .......... ... ..... .. .... ... .. ix Project Costs and Financing. ..... oo... .... .ooo .......... x Project Management Performance.............................. xiv Bank Perfomance............................... xiv Institutional Impact..o.... .. ....... ........ .....o.... xiv Economic and Financial mpact. ....... ...............Z....... xvi Issues and Lssons.......... ............. . ....... xvii Annex I - Project Achievements for DPB Subloans........... xviii Annex II - Actual Project Costs............................ovoooooo. xix Annex III - Working Papers.. ..... ...o...o.. ... ...... o. * xx BORROWER'S COMPLETION REPORT (Agricultural Supervision Department, Development Bank of the Philippines, October 1986) Attachment I - Borrower's Comments This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authodzation.  - L - PHILIPPINES 'lBE) LIVESTOCK AND FISHERIES CREDIT PROJECT (MLAN 1894-Pjl PROJECT CC4PLPTION REPORT Preface This Project Completion Report (PCR) reviews implementation of the Third Livestock and Fisheries Credit Project in the Philippines, for which Loan 1894-PH, in the amount of US$45.0 million, was approved on July 15, 1980. The oviginal loan closing date of June 30, 1984, vas extended twice for the non-credit component of the project only, to June 30, 1986. Due to insolvency of the Development Bank of the Philippines (DBP), the implementing agency for the credit component, the uncommitted balance of the credit component, of US$20.4 million, was cancelled effective October 17, 1984. The final disbursement for the non-credit component was made on January 17, 1987, when the unutilized balance of US$1.1 million was also cancelled. This Report consists of an Evaluation Summary, Basic Data Sheet and Overview prepared by staff of the Bank's Asia Regional Office, and a Borrower's PCR prepared by the Agricultural Supervision Department of the DBP. The Borrower's PCR provides a detailed review of the project, focussing on the credit component, which accounted for about 90X of total project costs. The Overview agrees with the major findings of the PCR, although it concludes that the project had a more negative Impact on DBP's financial status than the PCR would suggest. The Overview also incorporatits the findings of a separate report by the Bureau of Animal Industry (BAI), concerning non-credit project activities in the livestock subsector. This PCR vas read by the Operations Evaluation Department (OED). The draft PCR wa sent to the Borrower for comments and they are attached to the Report (Attachment I).  PHILIPPINES LIVESTOCK AND FISHERIES CREDIT PROJECT (LOAN 1894-PH) BASIC DATA SHEET KEY PROJECT DATA Appraisal Actual or Actual a. X of epecetation current estimate appraisal estimate Proiect costs CUSS millionl 140.7 831.2 8.0 Con amount (U i mi lon) 4. 2.5 52. Date pohsscsl components COmpleted 12/13 12/80 troortion then comp leteda __ Economic rate of return ( 28 to 1uU+1 18 to Go Inst tutionel performance anauate ApronomWc performance Adeduat mploynt nerwted (man-year 7 727 4 1uu 93 CUMULATIVE DISBURSEMENTS FY81 FY82 FY83 FY64 FY8S FY8N FY6? Appraisal esttimate (USt ILillion) 4.0 19.0 35.0 46.0 45.0 451.0 45.0 Actua (US3mion 4 12.3 1. 20. 2 Actual as a of estimat * 112 es 53 45 47 _' 52 Date of final disbursement U1/17/87 PROJECT DATES Project Brief /19/79 Apraital Report No. 2828-PH _ Ol/1 /8 HPe of Netsotiaixions Otl/09/80 Dtt 8arld Approvel 07/1S/80 ~ bianin: 0~~~~~~~~~~~~~11 06/I480 teof effectivenessI 9 oan Closina Date e 63_ 304 STAFF INPUT (Staff tWees) FY80 FY81 FY82 FY63 FY84 FY85 FY86 FY67 Tote 1 pr,eap?raisal 2.4 - -- -2.4 Aoprasisal 93.9 8 - - - - _ 93 Negotiation ~~~~~3.2 1.6 - - - 5.0 urwvilsion 1 . - 12.6 32.2 18.8 12.9 7.9 2.0 9.0 89.5 uther .1 .1 3.2 .4 3_ .7 - 4 4 Total 99.6 14.5 35.4 19.1 13.2 8.6 2. .0 195.'4  MISSION DATA DatO No. of Mon-days SpeOialzastIons Performance TyD of Mis_*on tmo/yr) p erons In ield represented I/ rattns /b Trend /c Problems /d Idsntifieati,n/ l016 E. 8 E.LJ_F o r (FADOCP_ reartool 8/79 9 Fin. 2L.F.C 2E.For_ UD rvW*on 08-1 2 N C- sPrvirion 3 0Cf79 2 U a2i4dFn 1 1060 2Fn 1 2 F ui trsion 5 3 W