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

54 minutes ago in Trending, Viral Videos

TODAY’S MUST SEE: Fence FAIL

Fresh
fence

A man who appears intoxicated tries his hardest to climb a fence, but it's not happening.

today in Music

Record Store Day full of reunited bands, special editions

recordstoreday

Record Store Day celebrates thousands of independent music shops around the world.

today in Entertainment

Today in entertainment history: April 18

roseanne

A look back at Hollywood history.

yesterday in Entertainment

REVIEW: Cast keeps ‘Heaven Is for Real’ grounded

This image released by Sony Pictures shows Connor Corum, left, and Greg Kinnear in a scene from "Heaven Is For Real."

Based on the true story described in the best-selling book, the film introduces us to a four year old boy who says he went to heaven.

yesterday in Music

Listen to Soundgarden’s ‘Black Hole Sun’ demo

soundgarden

Ahead of the 20th anniversary reissue of "Superunknown," Soundgarden releases the demo version of "Black Hole Sun."