This study focuses on the economic analysis of flood adaptation options. Three sub-studies were undertaken: a) Direct Damage Cost Estimation for Floods; b) Benefit-Cost Analysis of a Technology-Based Early Warning System, and c) Cost Effectiveness Analysis of Relocation vis-à-vis Evacuation and Building Modification. Results indicate that the typical direct damage cost per hectare for built-up land is about Php410,000, Php215,000 and Php85,000 for neck-level, waist-level and knee-level floods, respectively. Farming land (rice) incurred a damage cost of Php29,600 per hectare for a flood level of 2.5 feet and above.  The estimated mean willingness to pay for a technology-based early warning system is between Php127 and Php152 per household per month. Male respondents were more likely to indicate their willingness to pay. The analysis also shows that the proposed project produces large social net benefits, with a Benefit Cost Ratio (BCR) of as much as 33. In comparing the cost-effectiveness of three adaptation options suitable for long-term flooding in Sta. Cruz (i.e., relocation, the use of evacuation centers, and building modification), results suggest that building modification is the most cost-effective option.