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{"sheet":"Cover Page","index":0,"n_rows":33,"n_cols":4,"rows_kept":33,"cut":false,"hidden":false,"merged":[[40,2,41,2],[1,2,5,3],[11,1,14,1]]}
[null,null,null,"Last updated: 10/23/2017"]
[null,null,"Philippines: Secondary National Roads Development Project (SNRDP)"]
[]
[]
[]
[]
[]
[null,"ERR Version","Original ERR","Closeout ERR"]
[null,"Date","2011-01-07T14:57:16","2017-04-06"]
[null,"Amount of MCC funds","$262.4 million","$216.5 million"]
[null,"Project Description","The Secondary National Roads Development Project (SNRDP) will construct one, and rehabilitate two contiguous, existing road segments. By bringing about both vehicle operating cost savings and time savings for both passengers and goods as well as reduced road maintenance costs, the investment is intended to facilitate increased commerce in and between the provinces of Samar and Eastern Samar, and ultimately contribute to the Compact’s objective of increasing incomes.","The Secondary National Roads Development Project (SNRDP) rehabilitated an existing 222 kilometer road segment. By bringing about vehicle operating cost savings and time savings for both passengers and goods, as well as reduced road maintenance costs, the investment is intended to facilitate increased commerce in and between the provinces of Samar and Eastern Samar, and ultimately contribute to the Compact’s objective of increasing incomes."]
[null,"Benefit streams included in ERR","Reduced vehicle operating costs","Reduced vehicle operating costs"]
[null,null,"Reduced travel time","Reduced travel time"]
[null,null,"More frequent travel","More frequent travel"]
[null,null,"Changes in maintenance costs","Changes in maintenance costs"]
[null,"Costs included in ERR (other than costs borne by MCC)","None","$11.3 million"]
[null,"Estimated ERR and time horizon","13.7% over 25 years","8.9% over 25 years"]
[]
[null,"Table of Contents"]
[null,"Project Description"]
[null,"This sheet should be read first, as it offers a summary of the project, a list of components, and states the economic rationale for the project."]
[]
[null,"ERR & Sensitivity Analysis"]
[null,"This sheet contains brief summary of the project's key parameters and ERR calculations, giving the user the opportunity to test the sensitivity to the ERR of various changes in parameters."]
[]
[null,"Cost-Benefit Summary"]
[null,"This worksheet summarizes the costs and benefits associated with all MCC investments. Benefits are summarized by year, and the associated ERR is computed over a 25-year timeframe."]
[]
[null,"Assumptions & Data"]
[null,"This worksheet contains assumptions and data used in the calculations."]
[]
[null,"Notes"]
[null,"This worksheet summarizes references used in the creation of these tables as well as a guide to abbreviations used throughout ."]

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[]
[null,"Philippines: Secondary National Roads Development Project (SNRDP)"]
[]
[null,"Project Description"]
[]
[null,"Summary"]
[null,"The Secondary National Roads Development Project was designed to reduce transportation costs through the rehabilitation of an existing 222 kilometer road segment. The investment intended to reduce vehicle operating costs and time for both passengers and goods, reduce road maintenance costs, increase commerce in and between the provinces of Samar and Eastern Samar, and ultimately contribute to the Compact’s objective of increasing incomes."]
[]
[null,"Closeout"]
[null,"The project incorporated enhanced safety measures in the final road designs, including:\n     - paved shoulders, sidewalk and curb construction in areas of high pedestrian activity,\n     - improved gateway treatments to indicate required lower speeds, and\n     - increased use of road narrowing, median islands, and traffic humps to slow traffic \n       speeds."]
[]
[null,"Economic Rationale"]
[null,"For farmers, fishers, traders, and those in the tourism industry—the primary economic activities in these regions—secondary roads constitute a critical connection to markets. Improved roads, moreover, facilitate productive diversification—including transport itself and transport-reliant services such as logistics and shipping—labor mobility for skilled and unskilled workers alike, and reduced travel times to (and potentially increased access to and utilization of) social services such as education and health."]
[null,"The ERR for the SNRDP Project is calculated using the World Bank's Highway Design and Maintenance (HDM-4) model, which originally was developed by the World Bank and is now widely used in highway planning.  HDM-4 estimates the total costs for different scenarios in road construction, maintenance and use so that users can determine the best strategy for road projects.  "]
[]
[]
[null,"Last updated: 10/23/2017"]

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[]
[null,"Philippines: Secondary National Roads Development Project (SNRDP)",null,null,null,null,null,null,"Last updated: 10/23/2017"]
[]
[null,"ERR and sensitivity analysis"]
[null,"Change the \"User Input\" cells in the table below to see the effect on the compact's Economic Rate of Return (ERR) and net benefits (see chart below).  To reset all values to the default MCC estimates, click the \"Reset Parameters\" button at right.  Be sure to reset all summary parameters to their original values (\"MCC Estimate\" values) before changing specific parameters."]
[]
[]
[null,"Parameter type","Description of key parameters","Parameter values"]
[null,null,null,"User Input","MCC Estimate","Plausible Range","Values used in ERR computation ",null,"All summary parameters set to initial values?"]
[null,"Summary","Actual Costs, as a percentage of estimated costs",1,1,"80 - 120%",{"$f":"D10","v":1},null,{"$f":"IF(D10=E10,IF(D11=E11,\"Y\",\"N\"),\"N\")","v":"Y"}]
[null,"Summary","Actual Benefits, as a percentage of estimated benefits",1,1,"80 - 120%",{"$f":"D11","v":1}]
[]
[]
[null,null,null,null,null,null,null,null,"   More Info"]
[null,null,"User Generated Economic rate of return (ERR): ",{"$f":"'Cost-Benefit Summary'!H4","v":8.8890992175536976E-2},null,null,null,null,"   Project Description"]
[null,null,null,null,null,null,null,null,"   User's Guide"]
[]
[null,null,"MCC Estimated ERR:",null,"Original","Closeout"]
[null,null,null,"ERR",0.13687562011343801,8.8890992175536976E-2]
[null,null,null,"Date","2012-03-30","2017-10-25"]
[]
[null,null,"Present Value (PV) of Benefits:",{"$f":"NPV(0.1,'Cost-Benefit Summary'!K16:K40)*1000000","v":130971414.67282216}]
[]
[null,null,"Present Value (PV) of MCC Costs:",{"$f":"-NPV(0.1,'Cost-Benefit Summary'!F16:F40)*1000000","v":143386102.33065909}]

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[]
[null,null,"Philippines: Secondary National Roads Development Project (SNRDP)",null,null,null,null,null,null,null,null,"Last updated: 10/23/2017"]
[null,{"$f":"IF('ERR & Sensitivity Analysis'!I10=\"y\",\"\",\"Note: Current calculations are based on user input and are not the original MCC estimates\")","v":""}]
[null,null,null,null,null,null,"ERR = ",{"$f":"IRR(L16:L40)","v":8.8890992175536976E-2}]
[null,null,null,"Sensitivity Analysis Shock Factors"]
[null,null,null,null,null,null,"Project Costs as % of baseline =",{"$f":"'ERR & Sensitivity Analysis'!G10","v":1}]
[null,null,null,null,null,null,"Benefits as % of baseline =",{"$f":"'ERR & Sensitivity Analysis'!G11","v":1}]
[]
[null,null,null,null,null,null,"Cost resulting ERR equal to hurdle:",1.1100000000000001]
[null,null,null,null,null,null,"Benefit resulting ERR equal to hurdle:",0.9]
[]
[]
[null,"(Unless otherwise specified, all flows are in constant 2009 USD (millions))"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cost breakdown, Mil. Current $"]
[null,"Cal. Year","Project Costs (USD)","Provisional Costs (USD)","MCC Admin & Controls Costs (USD)","Total Economic Costs (USD)","Normal Benefits (2009 PHP, millions)","Generated Benefits (2009 PHP, millions)","Maintenance Benefits \n(2009 PHP, millions)","Total Benefits (2009 PHP, millions)","Total Benefits (USD)","Total Net Benefits (USD)",null,null,null,null,null,"Total Project Costs","Pre-construction","Civil Works\n","Construction and Management Oversight","Environmental and Social Mitigation, and Resettlement","Prorated Portion of Program Administration and M&E Costs","USD GDP Deflator, 2009 = 100"]
[null,2010,{"$f":"R16/(X16/100)","v":-1.8646295730489137},{"$f":"V16/(X16/100)","v":-5.6869811107012671},{"$f":"W16/(X16/100)","v":-2.6348737685843373},{"$f":"$H$6*SUM(C16:D16)+E16","v":-10.186484452334518},0,0,0,{"$f":"$H$7*SUM(G16:I16)","v":0},{"$f":"J16/'Assumptions & Data'!$S$8","v":0},{"$f":"K16+F16","v":-10.186484452334518},null,null,null,null,null,{"$f":"SUM(S16:U16)","v":-1.8874032151044882},-1.8874032151044882,0,0,-5.7564390202313369,-2.66705478348117,{"$f":"'Assumptions & Data'!T14/'Assumptions & Data'!S14*100","v":101.22134939747505}]
[null,2011,{"$f":"R17/(X17/100)","v":-2.1247077157170029},-7.1527019345700831,{"$f":"W17/(X17/100)","v":-2.6348737685843391},{"$f":"$H$6*SUM(C17:D17)+E17","v":-11.912283418871425},0,0,0,0,{"$f":"J17/'Assumptions & Data'!$S$8","v":0},{"$f":"K17+F17","v":-11.912283418871425},null,null,null,null,null,-2.1950608926772737,-2.1950608926772737,0,0,-7.3895417131544363,-2.7221195290896301,{"$f":"'Assumptions & Data'!U14/'Assumptions & Data'!S14*100","v":103.3111931791771}]
[null,2012,-33.938715874759481,-0.88706279450201742,-2.6348737685843351,{"$f":"$H$6*SUM(C18:D18)+E18","v":-37.46065243784583},0,0,0,{"$f":"$H$7*SUM(G18:I18)","v":0},{"$f":"J18/'Assumptions & Data'!$S$8","v":0},{"$f":"K18+F18","v":-37.46065243784583},null,null,null,null,null,-35.708361479694197,-0.55006189221823865,{"$f":"-32.1685417879288*(1+'Assumptions & Data'!H19)","v":-34.259497004144173},-0.89880258333178353,-0.9333163646543009,-2.77226237224688,{"$f":"'Assumptions & Data'!V14/'Assumptions & Data'!S14*100","v":105.21423854533877}]
[null,2013,-51.953902230314391,-0.92534221973225395,-2.6348737685843373,{"$f":"$H$6*SUM(C19:D19)+E19","v":-55.514118218630976},45.841359380000007,0,0,45.841359380000007,{"$f":"J19/'Assumptions & Data'!$S$8","v":0.96144418864436187},{"$f":"K19+F19","v":-54.552674029986612},null,null,null,null,null,-55.545712378309354,0,{"$f":"-50.8229488556757*(1+'Assumptions & Data'!H19)","v":-54.126440531294612},-1.4192718470147396,-0.98931534653355879,-2.8170346060654698,{"$f":"'Assumptions & Data'!W14/'Assumptions & Data'!S14*100","v":106.91345595576686}]
[null,2014,-53.768860769817977,-0.99281105727860675,-2.6348737685843355,{"$f":"$H$6*SUM(C20:D20)+E20","v":-57.396545595680919},129.28727863,0,0,129.28727863,{"$f":"J20/'Assumptions & Data'!$S$8","v":2.7115797695713506},{"$f":"K20+F20","v":-54.684965826109568},null,null,null,null,null,-58.515351475914819,0,{"$f":"-53.5407925481424*(1+'Assumptions & Data'!H19)","v":-57.020944063771651},-1.4944074121431714,-1.080452275426347,-2.8674694322318,{"$f":"'Assumptions & Data'!X14/'Assumptions & Data'!S14*100","v":108.82758280190528}]
[null,2015,-37.36773223895635,0,-2.6348737685843373,-40.002606007540685,260.74468449999995,0,0,{"$f":"$H$7*SUM(G21:I21)","v":260.74468449999995},{"$f":"J21/'Assumptions & Data'!$S$8","v":5.4686742501315528},{"$f":"K21+F21","v":-34.533931757409135},null,null,null,null,null,-41.10393789764985,0,{"$f":"-37.6100507982531*(1+'Assumptions & Data'!H19)","v":-40.054704100139546},-1.0492337975103068,0,-2.8983211252816998,{"$f":"'Assumptions & Data'!Y14/'Assumptions & Data'!S14*100","v":109.99848113554629}]
[null,2016,0,{"$f":"V22","v":0},0,0,366.05976513000007,0,197.4,{"$f":"$H$7*SUM(G22:I22)","v":563.45976513000005},{"$f":"J22/'Assumptions & Data'!$S$8","v":11.817605848650022},{"$f":"K22+F22","v":11.817605848650022},null,null,null,null,null,0,0,0,0,0,0]
[null,2017,0,0,0,0,723.03946925999992,361.51974484999994,567.29999999999995,{"$f":"$H$7*SUM(G23:I23)","v":1651.8592141099998},{"$f":"J23/'Assumptions & Data'!$S$8","v":34.644924656348657},34.644924656348657,null,null,null,null,null,0,0,0,0,0,0]
[null,2018,0,0,0,0,780.73405275999983,390.36702563999995,12.56,{"$f":"$H$7*SUM(G24:I24)","v":1183.6610783999997},{"$f":"J24/'Assumptions & Data'!$S$8","v":24.825268721169365},24.825268721169365,null,null,null,null,null,0,0,0,0,0,0]
[null,2019,0,0,0,0,826.92777999999998,413.46387001000005,12.56,1252.9516500099999,{"$f":"J25/'Assumptions & Data'!$S$8","v":26.27852007111397},26.27852007111397,null,null,null,null,null,0,0,0,0,0,0]
[null,2020,0,0,0,0,868.49704112999984,434.24850174999995,12.56,1315.3055428799998,{"$f":"J26/'Assumptions & Data'!$S$8","v":27.586286436466779},27.586286436466779,null,null,null,null,null,0,0,0,0,0,0]
[null,2021,0,0,0,0,911.96627349999994,455.98313872999995,171.76000000000002,1539.7094122299998,{"$f":"J27/'Assumptions & Data'!$S$8","v":32.292774180588864},32.292774180588864,null,null,null,null,null,0,0,0,0,0,0]
[null,2022,0,0,0,0,962.59150599999998,481.29576047999996,12.56,1456.4472664799998,{"$f":"J28/'Assumptions & Data'!$S$8","v":30.546492934829761},30.546492934829761,null,null,null,null,null,0,0,0,0,0,0]
[null,2023,0,0,0,0,1016.338718,508.16943362999996,12.56,1537.0681516299999,{"$f":"J29/'Assumptions & Data'!$S$8","v":32.237378252350467},32.237378252350467,null,null,null,null,null,0,0,0,0,0,0]
[null,2024,0,0,0,0,1063.8316228799999,531.91582960000005,12.56,1608.3074524799999,{"$f":"J30/'Assumptions & Data'!$S$8","v":33.731500868513599},33.731500868513599,null,null,null,null,null,0,0,0,0,0,0]
[null,2025,0,0,0,0,1104.56183025,552.28097031999994,12.56,1669.4028005699997,{"$f":"J31/'Assumptions & Data'!$S$8","v":35.012871407450149},35.012871407450149,null,null,null,null,null,0,0,0,0,0,0]
[null,2026,0,0,0,0,1121.6931995000002,560.84660458000008,216.86,1899.3998040800002,{"$f":"J32/'Assumptions & Data'!$S$8","v":39.836665584173069},39.836665584173069,null,null,null,null,null,0,0,0,0,0,0]
[null,2027,0,0,0,0,949.87395349999997,474.93701735999991,169.86,1594.6709708600001,{"$f":"J33/'Assumptions & Data'!$S$8","v":33.445498965768444},33.445498965768444,null,null,null,null,null,0,0,0,0,0,0]
[null,2028,0,0,0,0,590.50114200000007,295.25056021,12.66,898.41170221000004,{"$f":"J34/'Assumptions & Data'!$S$8","v":18.842650431451787},18.842650431451787,null,null,null,null,null,0,0,0,0,0,0]
[null,2029,0,0,0,0,569.5365367500001,284.76830624000002,12.66,{"$f":"$H$7*SUM(G35:I35)","v":866.96484299000008},{"$f":"J35/'Assumptions & Data'!$S$8","v":18.183106289281842},18.183106289281842,null,null,null,null,null,0,0,0,0,0,0]
[null,2030,0,0,0,0,580.45131724999999,290.22561325999999,12.66,883.33693050999989,{"$f":"J36/'Assumptions & Data'!$S$8","v":18.526482851734922},18.526482851734922,null,null,null,null,null,0,0,0,0,0,0]
[null,2031,0,0,0,{"$f":"$H$6*SUM(C37:D37)+E37","v":0},581.59683499999994,290.79842859000001,323.45999999999998,1195.85526359,{"$f":"J37/'Assumptions & Data'!$S$8","v":25.081020920596814},25.081020920596814,null,null,null,null,null,0,0,0,0,0,0]
[null,2032,0,0,0,{"$f":"$H$6*SUM(C38:D38)+E38","v":0},544.45211675000007,272.22601361,12.66,829.33813036000004,{"$f":"J38/'Assumptions & Data'!$S$8","v":17.393950280708324},17.393950280708324,null,null,null,null,null,0,0,0,0,0,0]
[null,2033,0,0,0,0,428.23766900000004,214.1188416,12.66,655.01651060000006,{"$f":"J39/'Assumptions & Data'!$S$8","v":13.737852151418421},13.737852151418421,null,null,null,null,null,0,0,0,0,0,0]
[null,2034,0,0,0,0,358.28531400000003,179.14256326999998,12.66,550.08787726999992,{"$f":"J40/'Assumptions & Data'!$S$8","v":11.537153347937089},11.537153347937089,null,"ERR (25 y):",{"$f":"IRR(#REF!)","v":{"$error":"#REF!"}},null,null,0,0,0,0,0,0]
[null,"TOTALS",{"$f":"SUM(C16:C40)","v":-181.0185484026141},{"$f":"SUM(D16:D40)","v":-15.644899116784229},{"$f":"SUM(E16:E40)","v":-15.809242611506022},{"$f":"SUM(F16:F40)","v":-212.47269013090437},{"$f":"SUM(G16:G40)","v":14785.049465169999},{"$f":"SUM(H16:H40)","v":6991.5582237299996},{"$f":"SUM(I16:I40)","v":1810.5200000000004},23587.1276889,494.69970240889961,282.22701227799524,null,null,null,null,null,{"$f":"SUM(R16:R40)","v":-194.95582733934998},{"$f":"SUM(S16:S40)","v":-4.6325260000000004},{"$f":"SUM(T16:T40)","v":-185.46158569935},-4.8617156400000017,-16.149064719999981,-16.744261848396651]
[]
[]
[null,null,null,"Parameter",null,null,null,null,"Unit","Value"]
[null,null,null,"Exchange rate (2009)",null,null,null,null,"PHP/$",{"$f":"'Assumptions & Data'!$S$8","v":47.679688453509101}]

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[null,null,"Philippines: Secondary National Roads Development Project (SNRDP)",null,null,null,null,null,null,null,null,"Last updated: 10/23/2017"]
[]
[]
[]
[null,"Time Series",null,null,null,null,"Units","Year"]
[null,null,null,null,null,null,null,1998,1999,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015]
[null,"Official exchange rate",null,null,null,null,"PHP/$",40.893050000000002,39.088983333333303,44.192250000000001,50.992649999999998,51.603566666666701,54.203333333333298,56.039916666666699,55.085491666666698,51.314272500000001,46.148391177755002,44.323287609410002,47.679688453509101,45.109664180089602,43.3131369237488,42.228794734943399,42.446184830673999,44.395154304209697,45.502839942143098]
[null,"CPI (Philippines; base year = 2010)",null,null,null,null,null,57.784910096818798,61.2167842323652,63.651452282157699,67.053941908713696,68.8796680497925,70.456431535269701,73.858921161825705,78.6721991701245,82.987551867219906,85.394190871369304,92.448132780083,96.348547717842294,100,104.647302904564,107.966804979253,111.203319502075,115.767634854772,117.42738589211601]
[null,"GDP deflator",null,null,null,null,null,null,null,null,null,null,null,null,null,null,96.162436833420131,98.04877110242856,98.793387556335517,100,102.0646274665789,103.94471045054389,105.62342489225283,107.51445564567821,108.67122577432285]
[]
[null,"Data series for BA"]
[null,null,"GDP deflator (Philippines; base year = 2000)",null,null,null,null,88.754103340840857,94.598608127783564,99.999999407939328,105.54947719313479,109.94268900320965,113.46232386726369,119.72189390982351,126.69931064434945,132.96969820139196,137.07889248350921,147.42705982335033,151.51557591274201,157.91315271721805,164.26397702836829,167.49733713039402,170.92342657308811,176.35342351208777,175.23910908308292]
[null,null,"GDP deflator (USA; base year = 2010)",null,null,null,null,null,null,null,null,null,null,null,null,null,96.162436833420131,98.04877110242856,98.793387556335517,100,102.0646274665789,103.94471045054389,105.62342489225283,107.51445564567821,108.67122577432285]
[null,null,"PPP exchange rate",null,null,null,"PHP/(2005 int'l $)",null,null,null,null,null,null,null,21.754887382116291]
[]
[null,"Scalars",null,null,null,null,"Units"]
[null,null,"Exchange rate",null,null,null,"(2009 const PHP)/(2005 int'l $ (PPP))",{"$f":"(S9/O9)*O15","v":26.64285258506013},"(i.e., divide flows denominated in 2009 PHP by this figure)"]
[null,null,"Cost increase resulting from civil works delay",null,null,null,null,6.5000000000000002E-2]

{"sheet":"Notes","index":5,"n_rows":6,"n_cols":15,"rows_kept":6,"cut":false,"hidden":false,"merged":[[2,10,2,12],[2,1,2,8],[5,1,6,8],[3,1,3,8]]}
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Last updated: 10/23/2017"]
[null,"Sources:",null,null,null,null,null,null,null,null,"Abbreviations:"]
[null,"Tetra Tech (2009). Assessment Report, Philippines SNRDP. (December 28, 2009)",null,null,null,null,null,null,null,null,"BA","Beneficiary Analysis"]
[null,"World Development Indicators (April, 2017)",null,null,null,null,null,null,null,null,"TT","Tetra Tech (2009) "]
[null,"Philippines Department of Public Works and Highways Summary of Road User Cost and Vehicle Operating Cost for CY 2015"]