HUFFINGTON POST

Reconstruction After Typhoon Haiyan May Cost Over $5 Billion

A victim lies among debris as a man (C) efforts to rebuild his house on stilts that had been swept away by the typhoon in a T
A victim lies among debris as a man (C) efforts to rebuild his house on stilts that had been swept away by the typhoon in a Tacloban neighbourhood almost completely flattened by the typhoon on November 18, 2013. Grieving survivors of a monster typhoon that smashed into the mainly Catholic Philippines flocked to shattered churches, as aid workers intensified efforts to reach desperate survivors in remote communities. AFP PHOTO / ODD ANDERSEN (Photo credit should read ODD ANDERSEN/AFP/Getty Images)

MANILA, Nov 19 (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.

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BEFORE YOU GO

PHOTO GALLERY
Typhoon Haiyan Aftermath (WARNING: GRAPHIC IMAGES)