3 new TNCs accredited by June, says LTFRB

The Land Transportation Franchising and Regulatory Board (LTFRB) expects to accredit by June three new transport network companies (TNCs) that will compete with Grab and offer commuters more options.

According to LTFRB board member Aileen Lizada, the agency was just waiting for Hype, Owto and Lag Go to comply with all the requirements before they could be accredited as TNCs. All are local companies.

She said that a fourth company, Pira, was also interested in becoming part of the country’s ride-sharing industry.

The LTFRB was looking at accrediting these new players by the second quarter of the year as it would not do for Grab to have a monopoly, Lizada told reporters on Tuesday.

“We want competition so that there would be better services and maybe the other TNCs could offer lower rates. We need to have other choices. The riding public should have options,” she said.

Last month, Grab announced that it had acquired the Southeast Asian operations of main rival, Uber. The deal, however, will be reviewed by the Philippine Competition Commission which noted that it would give Grab a “virtual monopoly” of the industry.