This study examines the results of the third wave impact evaluation (IE3) of the Pantawid Pamilyang Pilipino Program (4Ps) through focus group discussions with 4Ps beneficiaries and nonbeneficiaries and key informant interviews with program stakeholders. It looked into the unexpected outcomes of the IE3, particularly on child nutrition, maternal health, and labor market outcomes. For instance, while prenatal checkup utilization was high, the lack of understanding of postnatal checkups’ importance could be the reason for its low utilization. In the case of nutrition, there was no difference in the knowledge, attitudes, and practices 4Ps beneficiaries and nonbeneficiaries. Perverse employment outcomes may have resulted from low educational attainment and seasonality or lack of jobs in communities. Thus, it recommends reinforcing knowledge on maternal care and strengthening the Sustainable Livelihood Program. It also calls for an in-depth assessment of the source of the perverse impact on stunting.