Connect with us

Hi, what are you looking for?

News

Regulator targets decision on Grab PHL’s ‘surge pricing’ in Feb.

REUTERS

THE Land Transportation Franchising and Regulatory Board (LTFRB) announced on Thursday that it targets to issue a decision on Grab Philippines’ “surge pricing” mechanism by February.

“The LTFRB has given Grab Philippines five days to submit data on the number of times they charged a minimum base fare of P85 for short trips,” the agency said in a statement.

The agency conducted the last hearing on the matter on Thursday.

“There will be no more hearing on this issue. We have already asked them to submit their position paper and that’s when we will come up with a decision,” LTFRB Chairman Teofilo E. Guadiz III  said during the hearing on the “surge price” issue on fares.

He said the decision may be issued by the first week of February.

“There is a need to set parameters and the setting of ‘surge’ prices should not be dependent on one company alone or on the supply and demand,” according to the agency.

The LTFRB previously approved the fare hike for several modes of public transport including transport network vehicle services or TNVS.

“The minimum fare for… Sedan-type TNVS will be P45, while AUV/SUV-type TNVS will be at P55. For hatchback-type TNVS, flagdown rate will be P35. There will be no increase in the succeeding kilometers,” the LTFRB said in a statement in September last year.

LTFRB’s Mr. Guadiz said: “What we intend to do now is to put up parameters, that only one entity can set the pricing. While it is true that the party has the mechanism, it is still the government that exercises regulatory functions and defines when they can impose an increase.”

“What we would like to establish is what time can they impose an increase and in what areas they can make the increase,” he added.

Sought for comment, Grab Philippines said: “We respect the LTFRB’s view on Grab’s surge pricing mechanism.”

“We believe that further regulating surge pricing beyond caps/existing regulation must be approached very carefully to protect and support all transport stakeholders, including the riding public. We are one with the LTFRB in providing our commuters with a safe, reliable, and cost-effective means of transportation, and we will review this matter directly with our regulators,” it added.

In a Jan. 6 statement, Grab Philippines said that it had experienced a shortage of driver-partners in its platform due to a “mobility standstill.”

The LTFRB has said that it would open 4,433 slots for the application of TNVS. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Ava Whetstone-Magee, the founder of Avalanche Equestrian talks about the lightbulb moment which led her to start her business at the age...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Will Polston, talks to Business Matters about how helping ambitious owners to maximise their potential has resulted in him becoming a finalist...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.