LTFRB accredits ride-hailing firms SnappyCab, Ryd Global
MANILA, Philippines – The Land Transportation Franchising and Regulatory Board (LTFRB) accredited two more transport network companies (TNCs), bringing the total number of firms accredited this year to 8.
Certificates of public convenience were awarded to Aztech Solution International Corporation, operator of SnappyCab, and Ryd Global Incorporated, operator of Ryd Global.
The accreditation is valid for two years for both companies.
"With two new TNCs, there will be more choices for commuters," said the LTFRB in a statement on Friday, December 7.
LTFRB accredits Aztech Solution International Corp and Ryd Global Inc as transport network companies.— Aika Rey (@reyaika) December 7, 2018
That brings the total accredited ride-hailing firms to 8. @rapplerdotcom pic.twitter.com/XHnnrX03Q9
Grab continues to dominate, with new players still navigating the realities of breaking the "virtual monopoly" in the Philippine ride-hailing industry.
Grab became the dominant ride-hailing firm after it bought the Southeast Asia operations of Uber last March. (READ: Months after Uber left, where are the new ride-hailing firms?)
The Philippine Competition Commission eventually approved the Grab-Uber deal in August, but set conditions. It also fined Grab P12 million and Uber P4 million for causing "undue difficulties" to the review of their deal. – Rappler.com