MANILA -- The Philippine government said Thursday it is earmarking 38.8 billion pesos ($887.46 million) for the initial phase of the reconstruction and rehabilitation of areas in central Philippines destroyed by typhoon Haiyan, locally named "Yolanda."

Presidential Communications Operations Office Secretary Herminio Coloma, Jr. said in a news briefing that 80 percent of the amount will be used for reconstructing damaged homes and the repair of classrooms, hospitals, public markets and government offices.

Coloma said part of the amount will be set aside to provide livelihood assistance to farmers and fishermen who were severely affected by the typhoon.

Philippine President Benigno Aquino III will convene another Cabinet meeting on Friday to resume discussions on the rehabilitation and reconstruction plans for typhoon-hit areas.

Aquino met members of his Cabinet on Wednesday to discuss the " Yolanda Recovery and Rehabilitation Plan." He, however, withheld his formal approval for it pending the "specific details" he requested.

Coloma said the meeting on Friday would also focus on reconstruction plans for Bohol, which was struck by a magnitude 7.2 earthquake in October, and Zamboanga city in southern Philippines where the military and the Moro National Liberation Front (MNLF) faced off in September.