THE Land Transportation Franchising and Regulatory Board (LTFRB) on Friday clarified that it has not yet approved a new fare increase for public utility vehicles (PUVs).
In a statement, LTFRB Chair Teofilo Guadiz III said any adjustment to current fare rates remains on hold pending the outcome of an ongoing study by the Department of Economy, Planning, and Development (DEPDev), formerly the National Economic and Development Authority (NEDA).
“We want to be clear: no fare increase has been approved at this stage,” Guadiz said.
He said fare adjustments are a “serious matter that requires careful study,” especially considering the current economic conditions.”
“We are not rushing into a decision. We are waiting for [DEPDev’s] analysis, and the Board will act based on facts and expert recommendation.”
The statement comes after proposals from transport groups sought a fare increase in response to the increasing prices of fuel.
The rise in fuel prices is largely driven by global supply disruptions caused by the ongoing Ukraine-Russia war, as well as the Israel-Iran conflict. (PNA)
