BusinessMirror
Now in the Philippines
Out in January Free to BusinessMirror subscribers
media partner of the year
United nations
2015 environmental Media Award leadership award 2008
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business
n Sunday, December 27, 2015 Vol. 11 No. 80
P25.00 nationwide | 3 sections 16 pages | 7 days a week
MRT owner blames govt for Edsa traffic congestion F
By Lorenz S. Marasigan
REEING up Epifanio de los Santos Avenue (Edsa) from horrendous traffic would require heavy investments in rail transportation, an undertaking that the government can easily afford if only it has the political will to do so.
week ahead
ECONOMIC DATA PREVIEW
Peso
n Previous week: In the week before the holiday season, the three-day trading of the peso to the dollar followed a weaker trend—reflecting that of other currencies in the region—owing to the relative strength of the US economy. The peso settled at the 47.3 level to a dollar at the start of the week, then slipped to 47.335 to a dollar on Tuesday and posted a stronger value at the end of the shortened trading week at 47.225 to a dollar. n Week ahead: The peso is up for another two trading days before the end of the year. With no surprise data and developments from the local and international community, the peso is seen to trade broadly stable at the 47 territory in the next trading days. This is, however, significantly weaker in value compared to when it started the year at the 44 territory. Bianca Cuaresma
Metro Rail Transit (MRT) Holdings Inc. Chairman John Robert L. Sobrepeña said the train line that his group owns can easily handle 1.2 million passengers per day, if only the government added trains in the past. “It would not have reached its boiling point of having to accommodate around 600,000 passengers daily—almost double its rated capacity of 350,000 passengers per day—if the capacity-augmentation program was implemented a decade ago,” Sobrepeña said. “The MRT project was designed to handle as much as 1.2 million passengers per day. We could have decongested Edsa by now,” he said in a telephone interview.
sobrepeña: “The MRT project was designed to handle as much as 1.2 million passengers per day. We could have decongested Edsa by now.”
The capacity-expansion program would have removed the cars and buses from Edsa, transport experts said, as efficient railway systems have proven to encourage commuters to take the public transport instead of using private vehicles. See “MRT,” A2
BSP to ‘further reform’ banking industry in ’16 By Bianca Cuaresma
T
HE Bangko Sentral has vowed to actively pursue initiatives in 2016 to further reform the banking system, despite its current position of strength, and to pursue a deeper domestic capital market to complement the present banking system. In a recent publication, the central bank said that, despite the slew of reforms that it implemented this year, it will impose more regulations for the banking industry next year. This, despite the recognition that the banking industry is getting stronger because of its resilience. The central bank views this as an effort to “sustain the reform momentum” to “toughen its resilience against
PESO exchange rates n US 47.2980
Top Syrian rebel killed in air strike near Damascus
shocks,” and boost its role as a catalyst for durable long-term growth. The central bank hinted that the future reforms are likely to center on promoting effective risk management, banks having a stronger capital base and improved corporate standards. Aside from further bank regulation, the central bank also said it will continue to pursue initiatives to promote a deeper domestic capital market that will complement the presence of a resilient banking system. “The policy thrust is to focus on enhancing further the infrastructure and the regulatory framework for capital-market transactions to promote efficiency in trading, settlement and delivery of securities,” the BSP said. See “BSP,” A2
Syrians try to extinguish fire that was caused by Syrian government aerial bombardment on the Damascus suburb of Douma, Syria. Syrian government helicopter gunships have struck a suburb of the capital, Damascus, a day after air strikes on nearby areas killed more than 40 people, opposition activists said. Douma Revolution via AP
B
EIRUT—One month before peace talks are scheduled to begin between the Syrian government and opposition rebel groups, a Syrian air strike killed a top rebel commander in the outskirts of Damascus, according to activist groups and the Syrian government. Zahran Allouch, the founder of the Saudi-backed Army of Islam rebel faction, was killed on Friday by an air strike on a meeting of rebel commanders near the Damascus suburb of Otaya, according to the Britain-based Syrian Observatory for Human Rights. The group said it was unclear in the immediate aftermath whether the air strike was launched by Syrian or Russian warplanes. But the Syrian mili-
tary later claimed responsibility in a statement published by the state-run Sana news agency. The report said the strike was carried out after a series of aerial reconnaissance operations against groupings of “terrorist” organizations and their headquarters in the rebel-held Damascus suburb of Eastern Ghouta. In addition to Allouch, it said the air strike killed “a large number of commanders of Ahrar al-Sham and Faylaq al-
Rahman,” other rebel factions who are often allied with Alloush’s Army of Islam. Alloush’s death is a blow to insurgents fighting to topple President Bashar al-Assad and a boost to government forces that have been bolstered by the Russian military intervention in Syria in the past few months. Syrian government forces have been on the offensive in several parts of the country since Russia began See “Syria,” A2
n japan 0.3907 n UK 70.1193 n HK 6.1013 n CHINA 7.3004 n singapore 33.6809 n australia 34.2293 n EU 51.8055 n SAUDI arabia 12.6087
Source: BSP (23 December 2015)