Assessing Willingness to Pay for Conservation of Endangered Species and Habitats Using Two Payment Vehicles in Contingent Valuation Survey: A Case for Northwest Panay Peninsula, Philippines

Abstract

The study aimed to determine the effects of payment vehicles in contingent valuation surveys for conserving endangered species and habitats of Northwest Panay Peninsula Natural Park (NWPPNP), Philippines. Results showed that income was found to be significantly affecting WTP in all data set regressions across two payment vehicles: residence certificate or cedula (CED) and surcharge on electric bill (ELEC), and is positively signed. Familiarity with endangered species is also positively affecting willingness to pay (WTP) of CED respondents but not on ELEC respondents. On the other hand, WTPYr or bid price
is not significantly affecting CED respondents but significantly affecting ELEC respondents. This means that regardless of bidprice, still less CED respondents were not willing to pay for the conservation of endangered species and habitats of NPP while for ELEC respondents as bid price increases, less were willing to pay for the conservation thereby confirming the law of demand. This study documented and found that in rurban San Jose Antique and Kalibo, Aklan, people have high level of awareness
of the importance of endangered species conservation. However, when asked for specific (monetary) commitment, the majority was unwilling or noncommittal. Based on the dichotomous choice contingent valuation method survey, results confirm the low WTP of respondents since only up to 14 percent were willing to pay for the hypothesized conservation fund for NWPPNP’s endangered species and habitats. This is almost the same portion as those who were willing to pay through either of the payment vehicle groupings