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After Typhoon Recovery, Philippines Needs Jobs

Dec. 2 (Bloomberg) -- If a silver lining can be found in the disaster visited upon the Philippines by Typhoon Haiyan, it’s that the economy was less vulnerable than the nation’s storm defenses. Faced with the grim and expensive task of recovery, the government can at least take advantage of the credibility and cleaned-up balance sheet it earned during the first half of Benigno Aquino’s presidency. A lower-than-projected budget deficit -- less than 2 percent of gross domestic product -- provides a welcome fiscal cushion to help pay for reconstruction.

What’s more, foreign investors may be more willing to partner with the government to rebuild roads, bridges and homes, knowing that their money won’t automatically vanish into officials’ pockets.