Abstract
Kabacan town in Mindanao, Southern Philippines, which is situated on the flood plain of Cotabato Province, has been heavily affected on flooding in the recent years. Flooding on February 2013 brought about by typhoon “Crising” had worsened as compared to previous flooding events in the area. This flood event has caused heavy damage to agriculture, and economy of the town. The economic impacts of February 2013 flooding was evaluated and monetized. Valuation techniques comprised of clean-up costs method, crop damage and loss of foregone income was used to estimate the economic costs of flooding. Economic costs comprised of loss of income from rice production, loss of income from other source, clean-up costs and government spending were reached up to Php20, 451,247.49. Findings of the study will be beneficial to the Local Government of Kabacan, particularly to the Municipal Disaster Risk Reduction and Management, Municipal Agriculture Office and to the Climate Change Commission as flooding is one of the major concerns of Climate Change.
Highlights
Floods resulting from excessive rainfall within a short duration of time and the consequent high river discharge can damage crops, infrastructure and other property [13]
The total gross farm income from harvested rice paddy without flood event was at Php 39,092,498.50
Due to flood experienced by the famers in their area, the actual farm income from rice production went down to Php 20,256,695.70
Summary
Floods resulting from excessive rainfall within a short duration of time and the consequent high river discharge can damage crops, infrastructure and other property [13]. Short term impacts include: death, injury, loss of infrastructure, damage to property and business, damage to crops and diseases. Long term impacts include: damaged infrastructure, houses, uninsured losses, loss of trade and industry, public perception of place and high costs of insurance. Local communities may experience flood events with devastating damages and economic losses [16]. The impacts can affect national economies in the long term [17]. Benson [3] revealed that the low- lying agriculturally developed and economically productive lands in Bicol, Central Luzon, Central Samar, Northern Samar and Eastern Mindanao regions are frequently affected by extreme flooding events. The flood plains of Agno, Agusan, Bicol, Pampanga, Panay, Cagayan, and Cotabato are highly susceptible to severe flooding [1]
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