The government should fast-track the rebuilding of rural livelihoods â before the year ends as much as possible â to avoid production declines, income losses and increased spending during the dry season in the aftermath of tropical cyclones Ondoy and Pepeng, the worst natural disaster in the region since the East Asian tsunami of 2005, a post-disaster assessment report said. Damages and losses from Ondoy and Pepeng (International names Ketsana and Parma, respectively) reached $4.38 billion â equivalent to 2.7 percent of total economic output. While financing needs are large, âthe cost of doing nothing would be larger still," according to the report which was released Wednesday. The report estimates the total cost of recovery and reconstruction of Luzon, which includes Metro Manila, at $ 4.42 billion over the short to medium term (2009 to 2012). It said larger investments, particularly in flood control and housing, may need to be considered in the longer term.