The Land Transportation Franchising and Regulatory Board (LTFRB) has accredited two new ride-hailing apps to break Grab’s virtual monopoly of the market.
Snappycab, owned by Aztech Solution International Corp., and Ryd Global, of Ryd Global Inc., were awarded their certificates of accreditation on Friday, two days after LTFRB chair Martin Delgra and board member Ronaldo Corpus signed them.
Both Snappycab and Ryd Global are locally owned taxi-hailing companies, but have yet to be fully operational. Their accreditation is good for two years.
Virtual dominance
They joined six other local transport network companies (TNCs) allowed to operate in the country: Hype, GoLag, Hirna, Micab, Owto and e-Pick Me Up.
Together, they’re expected to challenge Grab’s virtual dominance of the market after it acquired Uber’s Southeast Asia operations.
Around 33,000 drivers are currently on Grab’s platform, while the other TNCs have only between hundreds to 5,000 drivers.
Under review
Their accreditation also renewed questions whether the LTFRB should raise the common supply base—currently set at 66,000—for drivers allowed to operate ride-hailing apps.
But the LTFRB said the matter remained under review depending on the demands of riders.—KRIXIA SUBINGSUBING