MANILA - Recent storms that hit the Philippines will likely shave off 0.4% from the country's gross domestic product (GDP) growth in the second half of 2009, the National Statistical Coordination Board (NSCB) said.

In his latest column, NSCB Secretary General Romulo Virola said typhoons "Ondoy" and "Pepeng" (international code names Ketsana and Parma, respectively) may have reduced economic growth by 0.2% in the third quarter, and could trim fourth-quarter growth by 0.6%.

The twin storms triggered massive flooding in Metro Manila and some areas of Luzon in late September and early October, causing billions of pesos in damage.

Citing estimates given by the National Disaster Coordination Council, Virola said total damage caused by the storms to agriculture and fisheries reached P23.6 billion as of November 5.

Of the amount, he said P17.9 billion was caused by "Pepeng" while the remaining amount by "Ondoy." Bulk of the amount of damage was incurred in the fourth quarter.

"With P23.6 billion damages to agriculture and fisheries as reported in the NDCC situation report, the GDP growth rate in nominal terms may be reduced by 0.2 percentage point in the third quarter of 2009 and 0.6 percentage point in the fourth quarter of 2009," Virola said.

Gross value added (GVA) of the total damage, or its direct contribution to GDP, was estimated at negative P4.234 billion for the third quarter, according to Virola.

By fourth quarter, the amount is seen to balloon to negative P13.302 billion.

NSCB is set to release third-quarter GDP growth figures in the last week of November. But according to Virola, the percentage point reduction may be higher than initially estimated "if the effects of the damages in agriculture to the other sectors of the economy are factored in."

Ondoy, Pepeng 'most costly storms'

Virola said "Ondoy" and "Pepeng" caused P38 billion in total damage, making them 2 of the "costliest tropical cyclones in the Philippines." Of the amount, P11 billion came from "Ondoy" while P27 billion was caused by "Pepeng."

"Going back to the 20 costliest TC (tropical cyclones) from 1947 to 2006 that hit the Philippines, Pepeng and Ondoy have unseated Ruping and Rosing as 2 costliest tropical cyclones in the Philippines, with Pepeng, by far, the worst," he said.

Typhoon "Ruping" (international code name Mike), which hit the Philippines in November 1990, caused P10.846 billion in total damage. NDCC used to consider this as the country's costliest tropical cyclone.

This was closely followed by "Rosing" (international code name Angela), which landed in fourth place with P10.829 billion. The storm entered Philippine territory from October 30 to November 4, 1995.