| Financial Losses from Metro Manila Traffic |
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There's no doubt that the traffic problem in Metro Manila is, well, a huge problem. I could personally make this assertion because I'm on the road almost every day for court hearings and client meetings.
There's also no doubt that the existing traffic problem has negative economic impact. The financial losses caused by the traffic problem, while not uniform, are staggering. It affects both the public and private sectors. Consider the following: * The losses amount to "more than P15-billion pesos yearly," according to the NGO Citizens’ Traffic Watch, echoing a World Bank-commissioned study many years ago. The study of Professors Sigua and Tiglao reveals the following figures:
The table above shows that for us professionals, the daily loss is around 95 Million Pesos, and just in case the emphasis isn't enough, that's DAILY. The government is fully aware of this problem. Among the existing urban and transportation problems identified during the Executive Conference on Sustainable Metropolitan Development (2006) is traffic congestion:
Now, we all know -- including the government -- about the traffic problem and its negative financial impact on our society. Unless this problem is addressed, the government's existing efforts to spark the entrepreneurial revolution, if ever that's the plan, would be bogged down by factors that are otherwise capable of being addressed. Moreover, while Pinoy entrepreneurs are expected to hurdle obstacles, their resources would be better employed for other productive aspects, rather than dealing with the traffic mess. Sources: Our traffic mess costs P140B (ABS-CBN News Online); Long commute means P100-B down the drain (The Manila Times).
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