Grab Philippines said it is open to the monitoring of its fare setting by the Land Transportation Franchising and Regulatory Board.
“We respect and welcome the LTFRB’s intent to conduct a review to monitor our fare setting. Grab continues to work with our regulators, and we maintain our position that our fares remain to be compliant with the LTFRB’s fare matrix,” said Grab Philippines president Brian Cu.
Grab issued the statement after LTFRB said it would conduct a review to monitor the ride-hailing firm’s fare setting in order to determine any violation on the current fare structure issued by the board.
LTFRB, however, clarified that Grab’s P23-million overcharging fine by Philippine Competition Commission pertains to the failure of Grab to fulfill its commitment to PCC as embodied in Grab’s undertaking which it voluntarily submitted to PCC.
The agency further said it had nothing to do with LTFRB’s fare structure.
“The LTFRB remains committed to its mandate of providing a transparent, accountable, safe, and timely service to the riding public,” LTFRM said.
“The agency shall continue to work closely with the PCC regarding this issue,” it added.
Out of the P23 million penalty, some P5 million will go to its passengers as refund.
Grab earlier said some three million passengers, who took trip from February to May 2019, would get refund.
Grab, however, clarified that every Grab ride had always been compliant with the fare matrix set and approved by the LTFRB.