Metro Manila’s ride-hailing scene is about to get some backup.
In a statement, the Philippine Land Transportation Franchising and Regulatory Board (LTFRB) said that it is giving 100,000 new transport network vehicle service (TNVS) franchise applications for Metro Manila its go-signal in order to help the industry keep up with growing demand.
According to LTFRB chairman Teofilo Guadiz III, all 100,000 units are currently registered under Grab. While units under the ride-hailing giant will be the first to get these franchises, the LTFRB says more can be added based on the needs of ride-hailing passengers.
This announcement comes following an “investment pledge” by Grab that may result in the creation of 500,000 new jobs, the agency said.
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“500,000 new jobs with the creation of 100,000 motor vehicles both in four-wheeled and the motorcycle taxi. But 100,000 is the initial, hindi naman natin bibiglain lahat 'yan to prevent saturation in the market,” Guadiz said.
“So initially, 100,000 and increasing further in 3-months’ time. We may increase the number until such time that the number of TNVS matches the needs of the riding public.”
The official also added that the LTFRB plans to open up more applications for franchises in Bacolod, Cebu, Iloilo, and Davao. The agency is expected to release two memorandums regarding franchise requirements in these areas in the coming days.
Do you think 100,000 new units in Metro Manila is enough to make booking rides easier? Chime in.
