Economic Valuation of Coastal and Marine Resources: Bohol Marine Triangle, Philippines
Abstract:This article provides results on the net benefits generated from the natural resources in the Bohol Marine Triangle (BMT) in the Philippines. The BMT spans over 112,000 ha and its coastal ecosystems are rich in biodiversity and provide economic opportunities to the coastal communities. With a 10% discount rate, the accumulated total net benefits for the BMT resources over a 10-year period is US$11.54 million. Tourism and the municipal fisheries are the most important direct use values of the coastal and marine resources of the BMT accounting for 44% and 39% of the total net benefits. Annual revenues attributed to ecosystems were as follows: coral reefs, US$1.26 million; beach/intertidal area, US$1.12 million; marine waters, US$646,501; mangrove, US$239,561; and seagrass, US$105,990. The large market values indicate the dependence of the local community on the BMT coastal and marine resources. In the same way, non-market values show the important life-support functions of coastal and marine ecosystems. The net benefits reflect the magnitude of potential losses due to improper management of coastal and marine resources in the BMT. This valuation highlights the importance of the coastal services to the BMT economy and draws attention to the benefits the local stakeholders derive from BMT coastal resources. Policy measures can now take into account these values to justify a sufficient investment in coastal management efforts to sustain the flow of coastal services in the interest of current and future generations.
Document Type: Research Article
Affiliations: 1: Faculty of Management and Development Studies, University of the Philippines Open University, Los Baños, Laguna, Philippines 2: Fisheries Improved for Sustainable Harvests (FISH) Project of Tetra Tech EMI and the Coastal Conservation and Education Foundation, Inc., Cebu City, Philippines 3: UNDP/GEF/, Foundation for the Philippine Environment Bohol Marine Triangle Project, Bohol, Philippines 4: Coastal Conservation and Education (CCE) Foundation, Inc. Banilad, Cebu City, Philippines
Publication date: 2007-04-01