Hurricane Otis: Mexico To Give Interest Subsidies But No Loans To Rebuild 377 Acapulco Hotels

Mexican President Andrés Manuel López Obrador announced relief packages Wednesday for the 377 hotels damaged or destroyed in Acapulco following Hurricane Otis.

Obrador said the administration will provide interest subsidies on bank loans to the hotels, but not government loans. The president said a package of $3.4 billion will help the resort, and added most of the money will be spent on $2,000 and $3,000 per damaged home, temporary job programs and free electricity for residents for many months, AP News reported.

The government will also build dozens of barracks to station National Guard troops in Acapulco, as the present officers weren't able to prevent the ransacking of stores.

Following Hurricane Otis, many people looted several stores and took products, including food items, essential items like toilet paper, and other appliances like flat-screen TVs and refrigerators.

Asociacion Nacional De Tiendas De Autoservicio Y Departamentales, A.C. (ANTAD) issued a statement earlier this week to slam the illegal activity. "We condemn acts of robbery by the population. There is no justification for it," ANTAD said.

Apart from 250,000 packages of appliances, the president also promised each family would receive weekly food packages. He added the local chain stores have agreed to help, even though people looted the shops in the aftermath of the hurricane.

The president said about 46 to 48 have died following the hurricane. However, he pointed out that his opponents were trying to inflate the numbers to reduce the public's trust in his administration.

Earlier this week, the authorities noted the toll had almost reached 100 after the hurricane traveled to Acapulco at 165 miles per hour last week. Guerrero Governor Evelyn Salgado Pineda said 46 individuals were found dead, while 54 were reported missing in the state.

Based on the estimate, the hurricane caused $15 billion worth of damage. When Hurricane Otis intensified last week in Mexico's Pacific beach resort of Acapulco, it left nearly one million people without electricity or internet service.