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The risk-adjusted-user-cost (RAUC) reflects the scarcity value of water when storage is at its critical levels. The delay in the construction of Kaliwa Dam has caused water storage problems and it increases the risk to the current water supply in Angat Dam. The study examines if the RAUC can be applied to the current situation in Metro Manila, Philippines. The estimates, however, reveal that RAUC is zero due to (1) net inflows are higher than water consumption, (2) high water elasticities due to presence of alternative sources, and (3) irrigation water can be reallocated for domestic water use.
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