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

5 hours ago in Entertainment

Today in entertainment history: May 2

Los Angeles premiere of 'San Andreas' held at TCL Chinese Theatre - Arrivals

A look back at some of the Hollywood headlines from years past.

22 hours ago in Entertainment, Lifestyle

HAPPY BIRTHDAY: 26 freebies to help you celebrate this May

birthday

On your birthday you can have your (free) cake and eat it too!

2 days ago in Music

This week’s top R&B tracks

lalahhathaway

LISTEN: This week's top R&B tracks, according to the latest Billboard chart.

3 days ago in Entertainment

OPENING WEEKEND: ‘Mother’s Day,’ Key & Peele comedy ‘Keanu’ hit theaters

22-overlay-9

Here's a look at some of the films set to open this weekend.

3 days ago in Entertainment

WHAT’S ON: New on Netflix, Amazon & Hulu this May

netflixAP

It's going to be a great weekend for some binge-watching.