Typhoon Pablo's economic impact not much at 0.3% — NEDA's Balisacan 

Typhoon Pablo (Bopha), which barreled through southern Philippines early this month, is estimated to dent the economy by some P32 billion this quarter and the next, according to Socioeconomic chief on Tuesday. 

 

“Damage by Pablo would represent 0.3 percent of GDP (gross domestic product), roughly about P32 billion,” Socioeconomic Planning Secretary Arsenio Balisacan told reporters in an economic briefing in Pasig City. 

 

The ballpark figure includes damage to farm, infrastructure, and commerce, he added. 

 

“This doesn't mean that all that P32 billion will be charged this quarter – some of this will be felt in the first quarter,” noted Balisacan, also secretary general of National Economic and Development Authority (NEDA).

 

In sum, the damage caused by the typhoon “is not really significant” to the economy, he said, adding that the damage from “ Pablo” was already “factored in” the 6.5 percent growth projection for this year and the 6 percent to 7 percent GDP target next year.  

 

Balisacan said the 2012 projection was due to strong growth in the first three quarters and the absence of “an economically traumatic experience” in the fourth quarter.

 

Reconstruction in typhoon-stricken areas will, in fact, add to growth in the first half as “capital assets build-up and enhance the local economy,” he noted. 

 

Benito Ramos, National Disaster Risk Reduction and Management Council head, said Tuesday recovery from the natural disaster may take years. 

 

In its wake, "Pablo" left 1,046 dead, of whom only 648 are identified. At least 2,662 were injured and 841 were still missing, NDRRMC said. — VS, GMA News