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 Black Friday, Viral Videos

WATCH: Holiday parodies of the year’s biggest hits


From "Bad Blood" and "Watch Me," to "Uptown Funk," here are the year's hottest songs made fit for the holidays.

in Music

Adele announces tour


Adele, whose latest album "25" has smashed sales records in its first week of release, announced on Thursday she would begin a 15-week concert tour.

in Black Friday, Viral Videos

WATCH: What ‘Black Friday’ would look like as a scary movie


Black Friday would be a scary shopping experience if it got the Hollywood treatment.

in Entertainment

‘Mortdecai,’ ‘American Ultra’ among the year’s biggest box office flops


The list of this year's most disappointing box office performers is out.