‘Yolanda’ losses placed at P571B
MANILA—The National Economic and Development Authority, in a report on Supertyphoon ‘‘Yolanda’’ released Wednesday, pegged the total amount of losses and damage caused by the typhoon at P571.1 billion.
Of the amount, Neda said, 90 percent consisted of losses and damage suffered by the private sector. The balance was accounted for by the public sector.
Of the total, P424.3 billion consisted of damage to property. The rest consisted of lost income, Neda said.
The Neda set the amount needed for reconstruction and recovery at P360.8 billion.
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 Nov. 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.