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)

What's On 'KLH?

Click 2 Save

click2save_wp2

Shop now for great deals from local businesses! See today’s current offers.

Hire Me MKE

HireMeMKE_620x400

Looking for a job around the Milwaukee area? Check out some openings>>

Wanna Play DJ?

HEYMOM

You can host your own show Sunday night at 6 on ‘KLH!

Recent Headlines

19 minutes ago in Sports

Yankees Pineda ejected for substance on neck

Fresh
pine

Pitchers are not allowed to use foreign substances to give them a better grip on the ball.

25 minutes ago in Sports

Seahawks, Packers kick off NFL season

Fresh
nfl

The Seattle Seahawks open the defense of their Super Bowl crown and kick off the 2014-15 season at home against Green Bay.

29 minutes ago in Sports

Knicks looking for hometown discount from Anthony

Fresh
anthony

Potential free agent Carmelo Anthony will be asked to give the New York Knicks a discount on his next contract.