The Land Transportation Franchising and Regulatory Board (LTFRB) clarified that, until the Department of Economy, Planning, and Development (DEPDev) concludes its evaluation, they will not sanction a fare hike.
“We want to be clear: no fare increase has been approved at this stage,” LTFRB Chairperson Atty. Teofilo Guadiz III said in a statement.
The agency’s decision is subject to the DEPDev’s—formerly the National Economic and Development Authority (NEDA)—recommendation, Guadiz declared, in line with protocol and regulations in place.
He added that the LTFRB wishes to make a balanced decision informed by economic realities, as well as the welfare of both operators and commuters.
At this time, the regulatory agency is coordinating with all stakeholders and assured it will release a prompt update once the DEPDev has given its recommendation.
In a report by RH 5 Val Gonzales, the statement comes amid several transport groups’ speculations that a fare increase will be in effect soon. The proposition to raise fares is merely a response to the continued increase in fuel prices in the global market.
