The Land Transportation Franchising and Regulatory Board (LTFRB) ruled out on Friday any fare rate increase for public utility vehicles (PUVs), offering reassurance to commuters amid rising fuel prices.
This develops even the price of fuel, particularly gasoline, diesel and kerosene, are set to increase next week by as much as P3.0, P4.80 and P4.40 per liter, respectively.
LTFRB chairman Teofilo Guadiz III clarified that fare adjustments remain on hold pending the results of an impact study being conducted 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, noting that the LTFRB will rely on DEPDev’s findings before making any decision.
The statement comes amid growing speculation and mounting proposals from transport groups calling for a fare hike due to operational cost pressures, particularly from global fuel price surges linked to conflicts in Ukraine and the Middle East.
Guadiz underscored the Board’s commitment to a data-driven and balanced approach, stating, “Fare adjustments are a serious matter that require careful study, especially considering the current economic conditions.”
The LTFRB continues to coordinate with stakeholders and relevant agencies and will release official updates once DEPDev submits its recommendation.
