The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) through its ADFIAP Institute successfully concluded its international seminar-workshop on “Financial and Economic Appraisal of Investment Projects,” held from September 8 to 12, 2025. The program brought together 15 finance professionals from member institutions in Cambodia, Nepal, the Marshall Islands, and the Philippines for an intensive week of learning and collaboration.
Led by Dr. Luis Dumlao, PhD—adjunct professor at ADFIAP and faculty member at Ateneo de Manila University—the training provided a thorough and practical approach to assessing the viability, sustainability, and developmental impact of investment projects. Dr. Dumlao’s expertise in economics, finance, and project evaluation underpinned the sessions, ensuring both academic rigor and real-world application.
Course Highlights
The seminar blended lectures, workshops, and group discussions to foster hands-on learning. Key topics included:
- Project Assessment Foundations
Participants examined the rationale, objectives, and context of investment projects, including concepts like consumer and producer surplus to evaluate social benefits.
- Operational and Financial Metrics
Sessions covered operations costs, working capital, and inflation-adjusted sinking funds—key tools for ensuring project efficiency and financial resilience.
- Currency and Economic Pricing
The workshop analyzed the Official Exchange Rate (OER) and Shadow Exchange Rate (SER), along with economic pricing for traded and non-traded outputs, import inputs, and export substitutes.
- Project Outcomes and Financial Indicators
Participants examined incremental versus non-incremental outputs, gross economic benefit (GEB), and capacity utilization. Methods like cost-benefit analysis, net present value (NPV), and internal rate of return (IRR) were used to evaluate financial feasibility.
- Advanced Appraisal Techniques
The seminar examined the SER factor (SERF), shadow wage rate factor, and valuation of non-market impacts using methods such as contingent valuation, choice modeling, revealed preference, physical linkage, and benefit transfer.
The program culminated in a certificate awarding ceremony, celebrating the participants’ successful completion of the training.
Impact and Reflections
Participants appreciated the seminar for its balanced focus on both theory and practice. One remarked,
The course gave us not just formulas and frameworks, but the confidence to apply them to projects that matter for sustainable development.
Another participant shared,
The knowledge gained is expected to improve the institution’s ability to design and evaluate projects that generate both financial returns and sustainable development results.
Looking Ahead
This seminar-workshop reaffirms ADFIAP’s commitment to enhancing the professional skills of its members and promoting responsible, impactful development financing throughout Asia and the Pacific.
Given the enthusiastic feedback and increasing demand for advanced appraisal skills, ADFIAP is pleased to announce the next session of the International Seminar-Workshop on Financial and Economic Appraisal of Investment Projects in 2026.
Development finance professionals looking to enhance their expertise, build institutional capacity, and promote inclusive growth are encouraged to participate in this transformative learning experience.
