TODAY'S BUSINESS HEADLINES

PNoy orders halt to excessive local taxation of Napocor-contracted power plants 31-Oct-14, 9:26 PM | Euan Paulo C. Añonuevo, InterAksyon.com

Government extends effectivity of lower price cap at electricity spot market 31-Oct-14, 4:34 PM | Euan Paulo C. Añonuevo, InterAksyon.com

PH stock index returns above 7,200-mark 31-Oct-14, 4:15 PM | Krista Angela M. Montealegre, InterAksyon.com

Philippines, Malaysia seal deal to double Manila-Kuala Lumpur flights 31-Oct-14, 10:40 AM | Darwin G. Amojelar, InterAksyon.com

Our hearts are with the Filipino people, IMF Managing Director says after Yolanda disaster

A wounded boy next to the ruins of his home in Tacloban City. (Erik de castro/Reuters)

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The managing director of the International Monetary Fund (IMF) has expressed her sadness after learning about the devastation wrought by typhoon Yolanda (international name: Haiyan). 

"It is with great sadness that I have heard of the extensive damage and devastating loss of life from Typhoon Haiyan in the central Philippines," Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), said in a statement. 

"On behalf of myself and my colleagues at the IMF, I would like to offer our sympathy to those affected by this natural disaster. Our thoughts are with those who have lost loved ones, crews undertaking the rescue operation, and with the people of the Philippines as they work to recover from this terrible tragedy."

Nearly 90 percent of areas in regions 7 and 8--comprising Eastern and Central Visayas--have been flattened by the supertyphoon, killing an estimated 10,000. 

The Philippines has placed Yolanda-hit areas under a state of calamity but the Senate seeks extend the coverage to a wider area to facilitate the entry of foreign aid. 

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