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 Music

Amy Winehouse statue to be unveiled on her birthday

Fresh
Amy Winehouse

The "Back to Black" singer will be honored with a life-size bronze sculpture.

in Music

‘Awesome Mix’ of ’70s hits holds top Billboard spot

Fresh
Guardians Of The Galaxy

The "Awesome Mix" of retro songs featured in "Guardians of the Galaxy" topped the weekly album chart for a second week.

in Entertainment, Trending, Viral Videos

TODAY’S MUST SEE: ‘Barely Legal Pawn’

Fresh
15-overlay7

WATCH: Bryan Cranston and Aaron Paul reunited for "Barely Legal Pawn," to promote the upcoming Emmy Awards.

in Viral Videos

Robin Williams musical tribute: ‘Seize the Day’

24-overlay5

Robin Williams' best films are remixed and set to music in this awesome Melodysheep tribute.

in Viral Videos

Foo Fighters spoof ‘Carrie’ for the ALS Ice Bucket Challenge

21-overlay6

Dave Grohl and the Foo Fighters put the most creative spin on the ALS Ice Bucket Challenge yet! We'll never see "Carrie" the same way again.