MANILA -- Government planners will have to crunch the numbers again to include damage caused by Typhoon Juan (international codename: Megi), said Senator Ralph Recto Tuesday.
Recto describes the typhoon, which wiped out rice harvests in Isabela province, as “one big macroeconomic assumption on the national budget next year".
He said the 2011 budget may have to be revised to account for repair and rehabilitation efforts in Northern Luzon.
Damage from the typhoon has been reported at P7 billion, but that number is still expected to climb. Cagayan Valley lost around P5 billion in crop damage and lost livestock.
“How will these affect the country's fourth-quarter growth or its overall growth targets for 2011? The administration may need to revisit its targets,” Recto said. (Jonathan de Santos/Sunnex)