The value of recreation services generated by the caving activity in Capisaan Cave System (CCS) in Kasibu Nueva Vizcaya was estimated using the zonal travel cost method, a revealed preference valuation technique. Data were collected through on-site and online visitor surveys with a total of 429 respondents. Regression analysis using the different functional forms of data was explored to estimate the demand function of the site. Results show that transformation of data in their natural log forms gave better linearity between variables, with estimated recreational values of the cave system ranging from PHP 1,703,500–2,098,300/yr and total access value of PHP 8,351,298–8,746,098 based on 2018 visitation data. These estimates provide a measure of the value of benefits derived from the ecotourism services of the CCS. These values need to be communicated to the stakeholders of CCS and its neighboring communities to increase appreciation for its recreation value. They should also be considered in evaluating development and preservation projects intended for the CCS.