Typhoon rebuilding may cost up to KES500B
19 November 2013, 14:58
Manila - The cost of
rebuilding houses, schools, roads and bridges in typhoon-devastated central
Philippines could reach 250 billion Philippine pesos (R58bn or $5.8bn), 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.