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Supertyphoon Yolanda losses placed at US$13b
Publication Date : 19-12-2013
The Philippines' National Economic and Development Authority (Neda), in a report on Supertyphoon ‘Yolanda’ released Wednesday, pegged the total amount of losses and damage caused by the typhoon at 571.1 billion pesos (US$13 billion).
Of the amount, Neda said, 90 per cent consisted of losses and damage suffered by the private sector. The balance was accounted for by the public sector.
Of the total, 424.3 billion pesos consisted of damage to property. The rest consisted of lost income, Neda said.
The Neda set the amount needed for reconstruction and recovery at 360.8 billion pesos.
The government intends to fund portion of the amount from its own resources and from loans from foreign development institutions.
The supertyphoon, which also caused thousands of deaths, ravaged the central part of the Philippines last November 8.
Government economic officials are currently meeting with representatives of various foreign lenders to present the recovery plan and to gather pledges of financial support.
The meeting, which was scheduled for Wednesday morning, is being held at the Department of Foreign Affairs.
US$1 = 44 pesos