MANILA, Philippines - The Land Transportation Franchising and Regulatory Board (LTFRB) might issue a decision on the fare reduction petition for passenger jeepneys before yearend.
“We’re looking into coming out with the ruling this year,” LTFRB chairman Winston Ginez said.
Currently, the board is studying a petition filed by Negros Oriental Rep. Manuel Iway last month to reduce the minimum fare of jeepneys from P8.50 to P8 because of the series of rollbacks in fuel prices.
The board, however, is in the process of seeking inputs from other transport groups before it decides.
Iway was former board member of the LTFRB before becoming a lawmaker.
Similarly, the group Pasang Masda asked the LTFRB for the “institutionalization of a fare adjustment mechanism with a conditional prayer for fare reduction.”
The group said the LTFRB must be able to fast-track hearings on such petitions, basing the decision on historical prices of fuel.
The group cited that historically, the minimum fare should be at P8 once diesel prices hit P37 per liter. On the other hand, minimum fare should be at P8.50 once diesel prices are at P49 per liter.