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 Local

No One Injured In Mitchell House Fire

fire truck

The fire occurred at a structure in the 900 block of South Rowley.

in Sports

This week’s top sports shots

AP491836413688

A look at some of the biggest hits and best scores this week in sports.

in National

Virgin Galactic spaceship crashes during test flight

virgin

A passenger spaceship being developed by Richard Branson’s Virgin Galactic has crashed.

in Entertainment

Coming soon: The Mustache Hall of Fame

burtreynolds

There are halls of fame for everything from baseball to rock 'n' roll, so why not those with a hairy upper lip?

in Music

Pink Floyd warns album ‘not for iTunes generation’

pinkfloyd

David Gilmour has warned the band's younger fans they might not enjoy the upcoming album.