The Dynamics of Rural Development is a three–year research program implemented by the Philippine Institute for Development Studies that addresses issues on rural financial markets. Recently, its has included in its thrusts not only the extension of the research program to agrarian reform and rural enterprises but also the expansion of the capacity of research institutions to conduct research and disseminate analytical issues to decisionmakers. This paper presents the objectives and findings of the different studies conducted under the research program. This is in conjunction to the thrust of the Dynamics of Rural Development project.