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

7 smartphone photography tricks

18-overlay7

Upgrade from the selfie with these seven awesome photo tricks.

in Entertainment

Uncle Jesse spearheading ‘Full House’ reboot

fullhouse

John Stamos wants to bring the hit sitcom back to TV.

in Music

Taylor Swift picks up 2 new chart records with ‘Shake It Off’

taylorswift

The star's new single, "Shake It Off" is expected to debut at No. 1 on this week's Billboard Hot 100 countdown.

in Lifestyle

Annual tomato battle leaves Spanish town red

tomatina

The streets are awash with red pulp as thousands of people pelt each other with tomatoes in the annual "Tomatina" battle.

in Entertainment, Sports

CBS Sports to air all-women sports talk show

cbssports

CBS said Tuesday the weekly hour-long, prime-time program on the cable channel will be the first of its kind.

Weather

condition Condition: Partly Cloudy
Temperature: 77°
High: 80° - Low: 51°