MANILA, Philippines - Grab has acquired Uber’s business in the Philippines and in Southeast Asia, the Transport Network Companies (TNCs) announced on Monday, March 26.
"Uber will be combining our operations with Grab to lead you in the next chapter of ridesharing in the Philippines and across Southeast Asia," the company said in a statement.
Uber's transition to Grab would be complete by April 8. It means that the Uber app can no longer be used in booking rides starting April 9.
While the companies did not disclose the deal price, but said Uber will end up with a 27.5% stake in Singapore-based Grab under the agreement.
Poe on Uber-Grab merger: It is still imbued with public interest
"We all know that thousands of commuters rely on TNVS to ferry them to work and other places of destination. So the most important thing is that service to our commuters will not be disrupted," Senator Grace Poe said.
"In this connection, LTFRB should ensure that the number of available vehicles to serve the public should at least be maintained and that the only change effected would be the ownership issue and not the service convenience and availability," Poe added.
The senator is also hoping for an entry of local player in the TNVS market to compete with Grab.
"Ideally, the more players in the market, the better for the public, because each player will compete and strive to provide better service. Perhaps the departure of Uber would open up the market for the entry of local companies into the TNVS market."
Meanwhile, Grab said their partnership with Uber will fuel their passion for a better future of transport system in the Philippines. "We will continue to work and collaborate with the Department of Transportation (DOTr), Land Transportation Franchising and Regulatory Board (LTFRB), local government units and other stakeholders to constantly find ways to improve our services."
— The Summit Express
"Uber will be combining our operations with Grab to lead you in the next chapter of ridesharing in the Philippines and across Southeast Asia," the company said in a statement.
Uber's transition to Grab would be complete by April 8. It means that the Uber app can no longer be used in booking rides starting April 9.
While the companies did not disclose the deal price, but said Uber will end up with a 27.5% stake in Singapore-based Grab under the agreement.
Poe on Uber-Grab merger: It is still imbued with public interest
"We all know that thousands of commuters rely on TNVS to ferry them to work and other places of destination. So the most important thing is that service to our commuters will not be disrupted," Senator Grace Poe said.
"In this connection, LTFRB should ensure that the number of available vehicles to serve the public should at least be maintained and that the only change effected would be the ownership issue and not the service convenience and availability," Poe added.
The senator is also hoping for an entry of local player in the TNVS market to compete with Grab.
"Ideally, the more players in the market, the better for the public, because each player will compete and strive to provide better service. Perhaps the departure of Uber would open up the market for the entry of local companies into the TNVS market."
Meanwhile, Grab said their partnership with Uber will fuel their passion for a better future of transport system in the Philippines. "We will continue to work and collaborate with the Department of Transportation (DOTr), Land Transportation Franchising and Regulatory Board (LTFRB), local government units and other stakeholders to constantly find ways to improve our services."
— The Summit Express
