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

5 hours ago in Entertainment

Judge rules Bill Cosby must stand trial on sexual assault charges

15-overlay-11

A Pennsylvania judge ordered entertainer Bill Cosby to stand trial on sexual assault charges over allegations that he drugged and assaulted a woman in 2004.

5 hours ago in Entertainment

Video gaming returns to TV with new league

gamingREUTERS

Competitive video gaming returns to TV with the launch of a 10-week gaming league that will be broadcast on TBS.

6 hours ago in Entertainment

Changes are coming to Twitter

twitterREUTERS

User names and attachments - including photos and videos - will no longer count towards the length of a tweet, but the 140-character limit will stay.