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Building on experience from the CGIAR Research Program on Aquatic Agricultural Systems implemented by WorldFish in the Visayas and Mindanao regions of the Philippines, known as the VisMin Hub, we describe the development and evolution of a monitoring and evaluation (M&E) system emerging from the facilitated action-reflection cycles of testing and adopting theories of change carried out with community partners through participatory action research (PAR). The former guides our community partners and us, as members of the potentially emergent PAR groups, towards the realization of the community’s vision; the latter facilitates learning to understand what, how and why change is unfolding. Unlike the conventional M&E system where indicators are pre-set at the beginning of program implementation, these processes result in an organically-evolved, communitybased participatory M&E system that is continuously revised according to contexts to guide communities towards realizing their visions. Its ultimate outcome is enhanced people’s capacity to own the product and process, giving rise to an internally-driven change. Towards the end, the paper offers an iterative discussion of learnings from implementing such an approach.