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 Entertainment

Today in entertainment history: Oct. 22

Fresh
beachboys2

A look back at the Hollywood headlines that went down in history.

in Music

Alice Cooper wants to ‘die on stage’

alice

The rocker says he's not worried about elaborate stunts on stage because that's the way he would want to go out.

in Entertainment

Bryan Cranston laughs off ‘Breaking Bad’ toy controversy

breaking

A Florida mom wants action figures from the popular series banned from Toys 'R' Us stores.

in Entertainment

Jimmy Fallon penning picture book

jimmyfallon

Fallon's daughter Winnie Rose has inspired the picture book, which will hit store shelves this summer.

in Music

Is your favorite artist ‘smart’ or ‘stupid?’

beethovenlilwayne

Can your listening habits actually boost your brain power?