Economic Valuation of Tourism Services of Lake Holon, South Cotabato
The tourism potential of the municipality of T’boli, South Cotabato, is highlighted by the presence of Lake Holon. The study aims to measure the economic value of tourism services of the lake. Since no market exist for a natural resource, this study used a surrogate market based method which is the zonal travel cost method (ZTCM) in quantifying its value. ZTCM uses the number of visitors to the site coming from different places which were then grouped into zones. The visitation rate from each zone can then be estimated as a function of its corresponding travel cost. The demand function that will be generated is used to extract the economic value of tourism services of the lake. Data were obtained from 224 respondents of which 80% were from South Cotabato and the rest were from other regions of the Philippines. Information on respondents’ place of origin, travel expenses, travel time, visit duration, and income were collected. The place of origins were categorized into four zones based on their distance from the lake. The findings reveal that the economic value of tourism services of Lake Holon is estimated to be around PhP 224 million annually. This information will aid the local government planners and policy makers in drawing up a tourism development plans and related legislations around the lake.