Asia's 'Infrastructure Gap' Threatens to Hamper Growth

Looking out at bumper-to-bumper Monday morning traffic crawling along the Philippine capital's main avenue, taxi driver Ranilo Banez shook his head in frustration. Congestion has gotten so bad as the economy grew, he said, that a 10-kilometer (six-mile) trip that once took 30 minutes can stretch to two hours. “We lose so much,” said Banez, 64. “We waste a lot of gasoline and time.” The Philippines is far from alone. The outpouring of support for a Chinese-led bank to finance...

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