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Grab Lowered The Price Cap

Grab Philippines announced yesterday that it lowered their price cap for fare surge following the rising demand for their services due to suspension of Uber's.

"Our fare matrix has been adjusted and the surge has been capped at 1.4x. This is below the 2x that the government, the LTFRB required as cap last December, "said Grab Philippines Country Manager Brian Cu at a press briefing in Quezon City.

As a result, the Grab charges are 1.4 times for their passengers when peak hours are compared to the past two times the price.

"There was a jump of around 10 to 15 percent in rides this morning, but a much larger jump in booking requests," Cu said.

Grab also monitors the events and adjusts the price as needed.

"We ask the patrons of ride sharing to bear with us as there has naturally been an increase in bookings made on the Grab platform. Grab is committed to serving the riding public throughout this challenging period, "Cu said.

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