Philippines: Post-typhoon rebuilding to cost $3b

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RoxasRebuilding affected areas of the Philippines where super typhoon Haiyan hit in early November will costs up to $3 billion, Philippines president Benigno Aquino III said in a statement released by the presidential palace on December 16.

Over 6 000 people were killed in the disaster, with thousands more injured and over a thousand still missing. The Philippines was hit by one of the strongest storms ever recorded on November 8, 2013. One million homes were destroyed and four million were left homeless.

The overall costs of the disaster, including economic losses, has been estimated at $5.8 billion with insured losses at “hundreds of millions of dollars.” Given the low rates of insurance penetration in the Philippines, the maximum payout from insurers is expected to be $700 million.

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Reading Time: 1 minute

Rebuilding affected areas of the Philippines where super typhoon Haiyan hit in early November will costs up to $3 billion, Philippines president Benigno Aquino III said in a statement released by the presidential palace on December 16.

Reading Time: 1 minute

RoxasRebuilding affected areas of the Philippines where super typhoon Haiyan hit in early November will costs up to $3 billion, Philippines president Benigno Aquino III said in a statement released by the presidential palace on December 16.

Over 6 000 people were killed in the disaster, with thousands more injured and over a thousand still missing. The Philippines was hit by one of the strongest storms ever recorded on November 8, 2013. One million homes were destroyed and four million were left homeless.

The overall costs of the disaster, including economic losses, has been estimated at $5.8 billion with insured losses at “hundreds of millions of dollars.” Given the low rates of insurance penetration in the Philippines, the maximum payout from insurers is expected to be $700 million.

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