NEDA: Yolanda damage at P571.1B, P361B needed for reconstruction

MANILA, Philippines - The National Economic and Development Authority (NEDA) on Wednesday said the Philippine government needs P361 billion in investments to recover from the negative effects of typhoon Yolanda.

The state agency said the amount to be used for the recovery and reconstruction of affected areas will cover shelter and resettlement (P183.3 billion), public infrastructure (P28.4 billion), education and health services (P37.4 billion), agriculture (P18.7 billion), industry and services (P70.6 billion), local government (P4 billion) and social protection (P18.4 billion).

Socioeconomic Planning Secretary Arsenio Balisacan said the amount will be released over four years through a phased, cumulative and flexible implementation of the government's Reconstruction Assistance on Yolanda (RAY) plan.

"The government has allocated about P34 billion for the critical immediate actions, which are now underway. Another P100 billion is forthcoming in 2014," he said.

Balisacan, who is also the NEDA Director-General, said typhoon Yolanda caused an initial estimate of P571.1 billion in damage, consisting of loss to infrastructure (P33.98 billion), agriculture (P62.11 billion), industry and services (P116 billion), education (23.9 billion), health(P5.57 billion), housing (P325.24 billion) and local government (P4.3 billion).

“It is important that we have a plan immediately in place. RAY shall also guide our development partners and the private sector in assessing and analyzing financing gaps, determining which sectors or areas to focus their assistance on, considering their respective country partnership strategies,” he said.