The Wealth Accounting and Valuation of Ecosystem Services (WAVES) Project for Philippines will support institutionalization of selected modules of the System of Environmental-Economic Accounting (SEEA) 2012. The project is comprised of four components. The first component for the development of macroeconomic indicators based on World Bank methodology will finance consultants, travel, workshops, training, and data collection and dissemination. The second component is the development of physical and monetary accounts for minerals and mangroves based on the United Nation's 2012 SEEA. The third component will build capacity for the institutionalization of the selected SEEA modules primarily in the Philippine government agencies. The fourth component provides project oversight and management. National Economic and Development Authority (NEDA) will lead Philippines-WAVES through the Philippines-WAVES Steering Committee (PWSC), which will provide the overall guidance and strategic direction.