2025 年 16 巻 論文ID: PP4268
Several rail investments have been proposed to improve mass transportation in the Philippines. the government should consider alternative sources, such as land-based tools like land value capture (LVC), which capitalize increases in land values due to improved rail accessibility. This study assessess the impact of Metro Manila's Light Rail Transit Line 2 (LRT-2) on residential and commercial land values across key project phases using two econometric approaches: difference-in-difference (DID) to estimate the causal impact of rail station accessibility, and the hedonic pricing model (HPM) to evaluate how transport and neighborhood characteristics affect land value changes. The DID results indicate a positive treatment effect on commercial land values from 2018 to 2024, enough to cover project costs within at least a 0.5 km radius of market area. Meanwhile, HPM results show the highest assessed residential land value increases between 251 and 500 meters from rail stations, and the highest commercial value increases within 250 meters of stations, highlighting key areas for potential LVC implementation.
