The economic value of Laem Phak Bia mangrove ecosystem services in Phetchaburi province, Thailand

Abstract

Thailand is a one of the nation in Southeast Asia, covered by numerous mangrove areas approximately 244,000 hectares. Phetchaburi province is the one of the province in Thailand where the mangrove area has been increasing continually since King's Royally Initiated Laem Phak Bia Environmental Research and Development Project has been set up. The mangrove ecosystems functions are vital to the livelihood of the surrounding community. Laem Phak Bia community is one that has been served from mangrove ecosystem services. This study assessed the economic value of Laem Phak Bia mangrove ecosystem services in an area approximately 237.44 hectares using Participatory Economic Valuation (PEV) by the villagers ranking and rating the importance of mangrove ecosystem services with a valuable thing for living that is the rice value. The results showed that this mangrove area was worth a total economic value about 100 million Baht per year or 424 thousand Baht per hectares per year. It could be divided into the value of regulation functions, production functions, habitat functions and information functions, which were about 38, 8, 25, and 29 million Baht per year, respectively.