This is the fourth benefit incidence analysis of the Philippines' conditional cash transfer program that uses standard measures to assess the implementation performance of the Pantawid Pamilyang Pilipino Program. The analysis shows that despite the program's rapid expansion since it was piloted in 2007, it maintains good targeting accuracy, progressivity, and cost efficiency in delivering assistance to the poor. However, the recent halt in program expansion and use of outdated targeting system have resulted in lower coverage levels and incidence rates among the poor. Also, the inability to adjust benefit levels with inflation has resulted in lower generosity of benefits. Still, using the latest nationwide household survey data for 2017, the analysis shows that Pantawid Pamilya helps reduce poverty incidence and income inequality by 1.3 percentage point and 0.6 percentage point, respectively. Adjustments in the benefit level and program coverage are recommended to maintain the program's relevance, adequacy of assistance, sustained impact on beneficiary welfare.