Flood control scandal worsens typhoon impact on growth

While typhoons have caused damage and affected Filipino communities, their impact on the country's gross domestic product (GDP) has been limited, according to London-based think tank Capital Economics.

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"Typhoon Haiyan in the Philippines in 2013 caused over 10,000 deaths, yet the effect on GDP was limited," said Capital Economics senior Asia economist Gareth Leather in a Dec. 3 report, referring to super-typhoon "Yolanda," which had flattened central Philippines.

"The human cost is tragic," Capital Economics said, noting that large parts of South and Southeast Asia have been battered by tropical storms in recent weeks, causing widespread disruption and loss of life. Economically, however, the think tank said that "the impact is likely to be limited, as the region’s main industrial and commercial centers have largely escaped the worst of the damage."

Capital Economics emphasized that in the Philippines, Visayas and Mindanao were the hardest-hit regions, with floods and landslides disrupting local transport and services.

The think tank added that recovery frequently follows once immediate typhoon damage eases.