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Given the rapid growth of the Philippines' public-private partnership program (PPP), the government has initiated reforms to strengthen the framework for managing contingent liabilities arising from PPP projects. This study shows that major directions requiring further effort include (i) better pricing of government guarantees, (ii) adoption of methodology for quantification of contingent liabilities, (iii) setting prudential limits on PPP contingent liabilities, (iv) development of procedures for payment of materialized contingent liabilities from the national budget's unprogrammed fund, and (v) in the medium term, setting up a contingent liabilities fund financed through budget appropriations and contributions of project sponsors.