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 Viral Videos

Jason Alexander re-records George Costanza’s classic ‘Seinfeld’ answering machine message

15-overlay10

"2 Broke Girls" star Kat Dennings gets a custom voicemail message based on the infamous answering machine song.

in Music

Warhol’s take on Bob Dylan, Lou Reed to be shown in Times Square

bobdylan

Andy Warhol's short films featuring the music legends will be screened on a big billboard in the Big Apple.

in Music

Mumford & Sons: No cell phones allowed

mumford

The British folk band has banned phones from a concert on Monday amid fears fans will record and leak their new material.

in Music

This week’s top alternative tracks

mumford

LISTEN: This week's top alternative songs, according to the weekly Billboard chart.

in Viral Videos

WATCH: Police officers get down with dashcam duets

24-overlay9

From "Fancy" to "Rude!" these cops know how to bust a move.