The Land Transportation Franchising and Regulatory Board (LTFRB) on Friday announced that it approved the franchises of 100,000 vehicles under the ride-hailing service Grab Philippines.
In a press release, the LTFRB said the franchise approval was made after Grab Holdings Inc.'s chief executive officer (CEO) pledged an investment to President Ferdinand 'Bongbong' Marcos Jr.
Malacañang earlier said the investment is expected to generate over 500,00 jobs for Filipinos.
“500,000 new jobs with the creation of 100,000 motor vehicles both in 4-wheeled and the motorcycle taxi. But 100,000 is the initial, hindi naman natin bibiglain lahat 'yan to prevent saturation in the market,” LTFRB chairman Teofilo 'Jojo' Guadiz III said.
He said 100,000 vehicles would be granted a franchise for now.
"Gayunman, sakali aniyang hindi pa rin sumapat ang nasabing bilang, daragdagan ito ng ahensya batay sa mga pangangailangan ng mga pasahero," Guadiz added.
Apart from this, the LTFRB chairman said the agency would endeavor to grant franchises for motor vehicles in other areas of the country including Bacolod, Iloilo, Cebu, and Davao.
The LTFRB will be issuing a memorandum circular containing the qualification for franchise approval, he said.
According to Guadiz, among the requirements included are professional driver's license and 15 hours of a seminar on road safety.
