Society and Identity
Heritage is a form of cultural capital that can provide employment, generate income and mobilize communities to alleviate poverty. Economic and social development can put cultural capital at risk, but it can also create opportunities for increasing this development asset. This is of particular concern in Baguio City, a UNESCO creative city in the Philippines, highly urbanized but rich in history and cultural heritage. Recognizing that a community’s intention and decision to protect and preserve heritage sites are contingent on how they value them, this paper derived applicable and appropriate economic valuation methods for heritage sites in Baguio City.
The contingent valuation method (CVM) which emerged as the most applicable method from meta-synthesis will be applied in Burnham Park, a popular heritage site. Results of the CVM will feed in the heritage preservation program, a component of the city’s economic and investment strategy. This urban development perspective that recognizes economic valuation needs to be embraced by city managers so the heritage areas can become assets for the local economy and build an identity, instead of being neglected and preserved only in memories or photos.