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

Easy April Fools’ Day pranks

aprilfools

Looking for a quick and easy way to pull a fast one? Check out these perfect pranks for kids, coworkers, and friends.

in Music

Willie Nelson announces lineup for July 4 picnic

willienelson

The legendary musician is bringing his picnic back to Austin, Texas.

in Entertainment

Robin Williams’ image cannot be used for 25 years

Actor and comedian Robin Williams poses during a press tour promoting his new movie "License To Wed" in Santa Monica, Calif., Friday, June 15, 2007.

The "Mrs. Doubtfire" star will not appear in any form of publicity until 2039.