In 2018, NEDA 7 commissioned a study to determine the economic benefits and costs of closing road sections in downtown Cebu City in order to revitalize economic activity in that area.
The cultural, historical, and commercial district of Cebu City was identified as the study area. This included the areas near the Parian, Cathedral, Sto. Nino, Magellan’s Cross, and a portion of Colon Street. This covers 0.35 square kilometers and consists of 16 street sections. Within this urban space are commercial buildings, business establishments, banks, government offices, and cultural and heritage sites, including museums, churches, shrines, and ruins.
The study sought to determine the probable economic impact of pedestrianization on stakeholders (pedestrians, establishment owners, and the LGU) based on identified parameters (i.e., local revenues, business activities, environment, and foot traffic pattern) and recommend policies, programs, or project to enhance pedestrianization within the study area. Analysis of the data showed that increasing foot traffic is key to revitalizing economic activity within the study area.
Pedestrianization will have net benefits on pedestrians through an improved urban environment; on some establishments through an increase in income by up to 10.5 percent; and to the LGU through increased tax revenue and the economic revitalization of the study area.
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