News

Philippines says typhoon rebuilding could top $5B

Philippines says typhoon rebuilding could top $5B

HAIYAN'S COST: Thousands were killed when the super storms struck the Philippines. Photo: Associated Press

MANILA (Reuters) – The cost of rebuilding houses, schools, roads and bridges in typhoon-devastated central Philippines could reach 250 billion pesos ($5.8 billion), making it likely that the government will seek cheap loans from development agencies, a senior official said on Tuesday.

If the government is successful in deploying resources for post-typhoon reconstruction, the economy may even grow faster, said Arsenio Balisacan, economic planning secretary, adding the country’s strong economic fundamentals remained intact.

PHOTOS: Typhoon Haiyan | HELP: Find out how you can help the victims

“I would not be surprised if it can go as high as 250 billion,” Balisacan told Reuters, commenting on the likely cost of reconstruction.

($1 = 43.4 Philippine pesos)

Recent Headlines

in Music

HBO documentary, concert special to focus on U2

16-overlay8

The Irish rockers are set to take fans behind the scenes of their current iNNOCENCE + eXPERIENCE world tour.

in Music

Gregg Allman heading to Georgia Music Hall of Fame

greggallman

The Georgia Music Hall of Fame Awards celebrate homegrown musicians who have made significant contributions to the industry.

in Music

Watch 1,000 people play ‘Learn to Fly’

23-overlay20

This is the most amazing Foo Fighters tribute band ever.