THE LAND Transportation Franchising and Regulatory Board (LTFRB) said it has accredited a Filipino-owned transport network company (TNC) MiCab Systems Corp., which is seen to provide an alternative to dominant player Grab Philippines.
MiCab’s certificate of accreditation from the LTFRB was signed April 30 and will expire in two years.
This brings to five the number of TNC accreditations issued by the LTFRB. Aside from MiCab, the regulator has already given the green light to Hype Transport Systems, Inc., Hype, GoLag, Inc., and Ipara Technologies and Solutions, Inc. (Owto).
MiCab is created by Cebuanos Eddie Ybañez and Kenneth Baylosis. It promises passengers an alternative option to “surge-riddled transportation apps.”
The LTFRB has been fast-tracking the accreditation of TNCs amid worries that Grab Philippines will monopolize the market after its acquisition of Uber Philippines.
The Philippine Competition Commission (PCC) is currently reviewing the Grab-Uber deal, saying Grab’s buyout of Uber will entail “gobbling up 93% of the ride-hailing market” in the Philippines. It noted that new TNCs can only capture seven percent of the market. — D. A. Valdez
