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

Sequin glove, ‘Bad’ jacket among Michael Jackson auction items

Fresh
michaeljackson

The online auction opens on Thursday.

in Music

Miranda Lambert launches scholarship fund for women

Fresh
mirandalambert

The country superstar is establishing a new scholarship at Nashville's Belmont University to help women pursue jobs in the entertainment industry.

in Entertainment

Conan O’Brien accused of stealing jokes

Fresh
20-overlay8

The late night host is being sued for allegedly lifting gags from Twitter.