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 Entertainment

Today in entertainment history: Oct. 31

Fresh
phoenix

A look back on some of Hollywood's most memorable moments.

in Entertainment

REVIEW: ‘Birdman’ could be the best film of 2014

In this image released by Fox Searchlight Pictures, Michael Keaton portrays Riggan in a scene from "Birdman."

You’ve heard the buzz for Michael Keaton's "Birdman." It’s loud and it's merited.

in Entertainment

PHOTOS: 31 adorable pets in Halloween costumes

Bailey Jarrett and her dog Teddy visit a Dallas-area PetSmart store on Oct. 25, 2014, for the company's annual in-store Halloween event. The event took place at all PetSmart locations throughout the U.S., Canada and Puerto Rico.

This Halloween is going to the dogs... and cats, ferrets, and bunnies.