3 More Firms to Compete with Grab in Philippine Ride-hailing Market
In a media briefing earlier this week, LTFRB board member Aileen Lizada said that the riding public need not fear a Grab monopoly since there are three more Transport Network Companies (TNCs) applying for accreditation. Grab, the Singapore-based tech company recently bought out Uber’s business in the Philippines.
Lizada revealed that companies “Lat Go,” “Owto,” and “Hype” are currently processing their requirements, but may take months before they are allowed to operate. She added that while Grab has a pending petition for a fare hike, the firm will not be able to initiate an increase on its own, it will have to go through the LTFRB to do that.
Meanwhile, Grab Philippines head Brian Cu assured that passengers will only benefit from the buyout since the transition of around 24,000 Uber drivers to Grab will mean less frequent surges.
Source: CNN Philippines