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

CHART TOPPERS: This week’s top alternative tracks

samsmith

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

in Music, Viral Videos

WATCH: Bret Michaels covers ‘Endless Love,’ serenades van

bret

The Poison frontman remakes the Lionel Richie classic, while rocking out at Nissan's car testing facility.

in Music

Jenny Lewis launches wine brand

jennylewis

Bottles of "The Voyager" retail at $29.99 and come with a download coupon for Lewis' new music.

in Trending, Viral Videos

TODAY’S MUST SEE: Dog brakes

dog

Stella the yellow lab wants to keep playing fetch but her hind legs have other plans!

in Music, Entertainment

Lorde curating ‘Hunger Games’ soundtrack

lorde

The 17-year-old pop star is recording a single for the third installment of the franchise.