Local user perceptions of resource trajectory and indicators of protected area outcomes can be useful in the assessment of integrated conservation projects, both marine and terrestrial. In-depth stakeholder surveys using 12 performance indicators were used to evaluate the perceived outcomes of the Sagay Marine Reserve (SMR), the Philippines. These indicators were a measure of whether the SMR had achieved its management objectives in the recent past and what local stakeholders expected in the future. The respondents' contextual situation could be correlated with their perceptions of SMR indicators. There was a generally high level of perceived equity and efficiency of SMR management outcomes, but the sustainability of the SMR, particularly the condition of the fisheries, had been poor over the previous 10 years. Few anticipated an improvement in sustainability indicators over the next 10 years. Respondents from an island village within the SMR had more negative (or less positive) perceptions of SMR outcomes because of their high dependence on the degraded resource, combined with physical and economic isolation. Specific remedies to enhance island villagers' satisfaction, such as greater participation, empowerment, alternative economic opportunities and fisheries protection, and replenishment, are necessary. This research serves as an example of how indicators perceived by local resource-accessing stakeholders can and should be main components of both marine and terrestrial protected area assessment.