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Philippines says storm damage tops four billion dollars
Manila (AFP) Dec 2, 2009 Deadly tropical storms Ketsana and Parma caused well over four billion dollars worth of damage in the Philippines, or nearly three percent of its annual economic output, the government said Wednesday. Floods, landslides and disease caused by the storms in late September and early October left more than 1,000 people dead and affected nearly 10 percent of the population, according to official data. "A large share of the damage and losses -- more than 90 percent -- is accounted for by the private sector. Private sector losses were particularly large in housing, agriculture and in commerce," Finance Secretary Margarito Teves said in a statement. The estimated damage of 4.47 billion dollars is equivalent to 2.7 percent of the country's gross domestic product, he added. "Economic losses were high in part because the disasters hit those regions in the country that together account for almost 60 percent of GDP (gross domestic product)," including Manila, he said. The storms also hit at the harvest season for crops and at a time when many businesses had stocked up for Christmas, he added. A post-disaster assessment team from the government, the private sector and international aid agencies including the World Bank and the United Nations concluded that the country will need about the same amount as the damage for rebuilding, Teves said. "The overall needs for recovery and reconstruction for the next three years are estimated to be in the order of 208 billion pesos (4.47 billion dollars)," Teves added. About 55 percent will be for the public sector and the balance for the private sector, he added. Teves said the meetings identified funding sources for about five billion dollars. "We are pleased with the broad indication of support by our development partners which reached more than three billion dollars," he said without giving a breakdown. State corporations with a healthy financial position would contribute about two billion dollars, with the private sector also pledging support. "We have more than enough funds to meet the requirement for the country's recovery and reconstruction," he added. Share This Article With Planet Earth
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