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 Sports, Viral Videos

Watch Steph Curry’s adorable daughter steal the post-game presser – again

Fresh
11-overlay8

Riley Curry is the hottest sports baby in the game right now.

in Entertainment

NPR’s ‘Serial’ plans 2 more seasons

serial

"Serial" junkies, get out your sleuthing kits again.

in Viral Videos

‘Animal Sound Man’ and his amazing impersonations

11-overlay7

Give this guy an animal - any animal - and he can do a spot-on impersonation.

in Entertainment

You can be on ‘House of Cards’

houseofcards

It's your chance to be part of a Washington scandal, and you don't even have to bribe a member of Congress.

in Lifestyle

Amazon launching free, same-day delivery

amazon

The online retailer wants to make your impulse buys even more impulsive.