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

New Queen album features Michael Jackson collaboration

25-overlay3

The track features vocals from late Queen frontman Freddie Mercury and the King of Pop.

in Music

WATCH: Dan Rather interviews Jack White

14-overlay

Sitting down with legendary newsman Dan Rather, the rocker talks about everything from music to being misunderstood.

in Music

U2 teams up with Apple again – this time to stop piracy

u2

Bono says the group is working with the tech giant to develop a new file format that cannot be copied.

in Music

Johnny Depp joins Ryan Adams to cover Danzig

20-overlay

The Hollywood superstar joined the singer onstage for several tracks, including a cover of Danzig's "Mother."

in Trending, Viral Videos

TODAY’S MUST SEE: ‘The Voice’ vs. Jimmy Fallon

22-overlay1

Jimmy Fallon is back with another lip sync battle, but this time he faces off against two of music's biggest names.