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

SD Highway Patrol To Conduct “Operation Safe Thanksgiving”

SD sign

The effort is to raise public awareness of traffic laws.

in Local

Mitchell Police Looking For Graceland Cemetery Vandal

police 3

Anyone with information should call Crime Stoppers at 996-1700.

in Local

SD Fire Officials Remind Residents Of Added Fire Risks During Holidays

fire truck

Now is also a good time to make sure your smoke detectors work.