The article assesses the governance of the seven crater lakes (i.e., Sampaloc Lake, Bunot Lake, Palakpakin  Lake, Calibato Lake, Mohicap Lake, Pandin Lake and Yambo Lake) using the ILBM framework. In particular, the  study elucidates the following: on institutions, the slow-moving and biased actions combined with coordination  problems and reactive orientation of the administrative agencies; on policies, the existence of overlapping laws  that nurture diverging agenda and emphases; on participation, the presence of organised and actively participating  community stakeholders conjoined with a highly centralised decision making; on technology and information, the  underuse of technological interventions and the want for critical information; and on finance, the endemic need for  funds particularly by the community stakeholders. The administration of the seven crater lakes also exemplifies  the lack of long-term commitment and accountability. Overall, the governance praxis illustrates key lessons in  contemporary management and development of small lakes in the country.