Philippines expected to remain resilient despite super typhoon

Simone Orendain in Voice of America: In the Philippines, there are early signs that the overall economic impact of Typhoon Haiyan will likely be less than other storms in recent years. But officials say there remains a dire need to immediately focus on reviving farming areas and providing jobs to communities directly in the storm's path.

Three weeks after the super typhoon battered the central Philippines, government figures show damages cost $635 million. The losses are about $300 million less than those of Typhoon Bopha, which struck the southeastern Philippines late last year.

This week, the National Economic Development Authority said the economy grew by 7 percent in the third quarter. The agency says in this part of the world the Philippines had the second best economy after China. But the typhoon-affected regions, which contribute 12 percent to the gross domestic product, are expected to knock the year’s growth back by half a percent.

Philippine Central Bank Governor Armando Tetangco says there will be a negative impact for the next three months.

He said, “But the counterforce to that would be the increased government spending for relief, rehabilitation and reconstruction. Looking at the national income accounts, one would see that government spending, particularly infra spending, give a significant boost.”...