Philippines says typhoon rebuilding cost may be up to $5.8 billion

MANILA Tue Nov 19, 2013 4:05am EST

1 of 2. Typhoon Haiyan victims queue outside Tacloban airport for a C-130 military mercy flight to Manila, in Tacloban, central Philippines November 19, 2013.

Credit: Reuters/Erik De Castro

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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.

"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)

(Reporting by Karen Lema; Editing by Simon Cameron-Moore)

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Comments (1)
nottosmart wrote:
Whatever you do, do not let Duke Energy Florida (formerly Progress Energy) do the calculating as to how much it will take to rebuild the Philippines. A proposed nuclear power plant to be built in Levy county went from $6 Billion to $25 Billion once they found out the customers would foot the bill “upfront” as the project progressed “prior” to any Permits being granted.

Nov 19, 2013 4:38am EST  --  Report as abuse
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