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Manila Bulletin devider Business devider LTFRB: No unilateral setting of 'surge' pricing of TNVS

LTFRB: No unilateral setting of 'surge' pricing of TNVS

Published Jan 13, 2023 09:09 am

The setting of “surge” prices on fares should not be dependent on a single transport company or even on the supply and demand, according to Land Transportation Franchising and Regulatory Board (LTFRB) Chairman Teofilo Guadiz III.

"What we would like to establish is what time can a company impose an increase and in what areas,” said Gadiz as LTFRB is set to rule on Grab Philippines’ “surge pricing” mechanism by the first week of next month.

Yesterday, January 12, was the last hearing on the issue and the board gave the hail-riding firm five days to submit data on the number of times they charged a minimum base fare of P85 for short trips.

“There will be no more hearing on this issue," according to Guadiz. "We have already asked them to submit their position paper and that’s when we will come up with a decision."

But the board needs to set parameters on surge pricing, he reiterated. “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 (Grab) has the mechanism, it is still the government that exercises regulatory functions and defines when they can impose an increase," Guadiz maintained.

Grab Philippines "respects the LTFRB’s view on its surge pricing mechanism” and "further regulating surge pricing beyond the existing regulation must be approached very carefully".

Last year, the LTFRB approved fare hikes for transport network vehicle services (TNVS).

The minimum fare approved for Sedan-type TNVS was P45 and P55 for AUV/SUV-type TNVS.

For hatchback-type TNVS, the board approved a P35 flag down rate but no increases in the succeeding kilometers.

Related Tags

Grab Philippines surge fare SURGE PRICING PARAMETERS LTFRB
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