CCTV Script 08/09/15

– This is the script of CNBC's news report for China's CCTV on September 8, Tuesday.

Welcome to CNBC Business Daily, I'm Qian Chen.

If there's one thing that all visitors to Manila are wary of -- it is the massive traffic jams on the road.

Japan International Cooperation Agency estimates that traffic jams in Metro Manila cost the country 53 million dollars a day (PHP 2.4 bn a day - yes, a day) in lost productivity

But being stuck in the jam, also gave a bunch of young people the big idea to start their own business.

CNBC's Pauline Chiou met up with some of them during her trip to Manila. Here's what she found out.

(PKG)

Carl Mamawal, CEO, NYFTI Bicycles | Manila

Pauline Chiou

Carl Mamawal, CEO, NYFTI Bicycles

A turn, and a twist -- that's all it takes to fold this bicycle -- with some practice.

This handmade bike is a brainchild of Carl Mamawal and his college professor, who were fed up with the incessant traffic congestion in the city.

Carl Mamawal, CEO, NYFTI Bicycles (1:45 - 1:40)

C: The bike is designed for the city. And it's ideal for cramped cities, you know the congestions, people live in apartments and condominiums. That's why we designed it to be very compact and very small.

All bikes are handmade locally, in this small workshop.

Retailling at 35 thousand pesos, or about 800 dollars, these bikes don't come cheap.

But this customer says that's a price she is willing to pay.

(Nyfti customer)

Granting that I have seen the cheaper ones, I know where that extra pesos went

NYFTI delivered its first batch of bikes earlier this year, and is working to attract more customers.

Pauline: 064600 RIGHT NOW YOUR CUSTOMERS ARE JUST FROM THE PHILIPPINES, BUT DO YOU PLAN TO EXPAND INTERNATIONALLY?

Carl: Yes, so we designed the bikes, not only for the Philippines, but it can also be used in any of the cities. // 6:34: 30 So, we're working on our manufacturing base to increase our capacity, make it a bit more mass market 063441

But Mamawal admits that overcoming the perception of a Philippine-made bike is a bit challenge

Carl Mamawal (GOP 4)

6:35:37 They believe that since it's made in the Philippines, it should be cheap. But unfortunately, the Philippines doesn't have the infrastructure to help us manufacture this in mass and a scale comparable to China. Unfortunately, when we launched our bike, people were comparing us to China made products, but that wasn't really the market that we are trying to target.

While bespoke is special, efficiency is a necessity in city chaos. Being compact and nimble can help you get ahead of the pack.

Pauline Chiou CNBC Manila

Similar types of folding bicycles are becoming more and more popular in some cities.

According to the French Bicycle Observatory, sales of folding bikes increased by 14% in France last year.

While folding bicycles might be limited in some areas that are not so friendly for a ride, we wish to see more creative ideas coming out from some young minds, to make daily commute less painful.

CNBC's Qian Chen, reporting from Singapore.

Follow us on Twitter: @CNBCWorld