The Land Transportation Franchising and Regulatory Board (LTFRB) has allocated 100,000 slots to app-based transportation company Grab, saying it is part of the move to address the increasing demand for transport network vehicle service in the country.

In a statement, LTFRB chairperson Teofilo Guadiz confirmed that the 100,000 TNVS franchise which would be made available is allocated for vehicles registered under the Singaporean company.

The LTFRB's move was apparently in response to Grab's commitment to invest more in the Philippines during its top leaders' meeting with President Ferdinand "Bongbong" Marcos, Jr, which the transport company said, would pave the way for the creation of 500,000 jobs in the country.

“500,000 new jobs with the creation of 100,000 motor vehicles both in four-wheeled and motorcycle taxis. But 100,000 is the initial, we will not abruptly do it to prevent saturation in the market,” said Guadiz.

He said the plan is to expand the approval of more franchises in three months time.

"So initially, there will be 100,000 and it will increase further in three months' time. We may increase the number until such time that the number of TNVS matches the needs of the riding public," said Guadiz.

Should there still be a demand for more, he said new franchises will be given to other motor vehicles that are not connected with Grab especially in other cities outside Metro Manila like Bacolod, Iloilo, Cebu and Davao.

He said two memorandum circulars would be released soon with regard to the requirements for franchise application.

"But basically, they are normal qualifications. Forts, Professional Driver's License and second seminar of 15 hours. The seminar is more on road safety to ensure that there would be minimal accidents on the road, especially motorcycle taxis,” said Guadiz.