The Philippine Social Protection Note series aims to disseminate experiences, good practices, and key findings from the Philippines on the topics related to social protection. It also aims to broaden the dialogue on social protection and stimulate public engagement in moving forward the policy agenda. The views expressed here are those of the authors and do not necessarily reflect those of the World Bank. 1 The note is prepared by a World Bank team led by Yoonyoung Cho, comprising of Jorge Avalos, Yasuhiro Kawasoe, and Ruth Rodriguez. The team thanks Gabriel Demombynes and Nkosinathi Vusizihlobo Mbuya for valuable comments and Jill Adona for excellent research assistance. Great support and insights were provided by the research and Pantawid teams at the Department of Social Welfare and Development. Financial support for this work was provided by the Government of Japan through the Japan Trust Fund for Scaling Up Nutrition.