Economic valuation of the Callao cave national park, Philippines
1998
Arano, K.G.
The existence value of the park using the contigent valuation method was computed to be approximately P1,214.607.96. A regression analysis was conducted to determine the relationship between willingness to pay and selected socio-economic variables. The variables that significantly affect willingness to pay for the existence of the park were household size, education, income and the respondents' knowledge of the park as a protected area. For the recreation value, the travel cost method gave a total consumer surplus of P3,054,135.00 for the year 1997. Results of the correlation analysis showed that travel cost, age, income and education were highly correlated to visitation rate. Based on its recreation and existence values, the park has a total value of approximately P4,268,742.96 for 1997. The benefit cost analysis indicated that maintaining the park as a protected area for the next 26 years is economically feasible with a net present value of P21,166,891.21 and a benefit-cost ratio of 2.79. This is based on a discount rate of 15 percent. Due to limited time and financial resources, the study was not able to quantify all the benefits derived from the park. Moreover, only the direct costs were included in the benefit-cost ratio analysis. Other benefits of the park that were not quantified include its functions as a watershed, a carbon sink and as a wildlife sanctuary. It also has biodiversity and bequest values. Moreover, the park is a good source of fertilizer because of the large volume of guano being produced by the bats thriving in the area
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