(SPOT.ph) The Tax Reform for Acceleration and Inclusion was finally signed into law in December 2017, along with its pros and cons that of course, the Internet reacted to. It lowers the personal income tax for salary earners, but it also increases the excise tax on other products and services like tobacco, fuel, cars, petroleum products, cosmetic procedures, and sweetened beverages (R.I.P. unlimited soda at S&R).
This is why Grab is reportedly looking into increasing their prices, so that partner drivers will be able to pay for fuel, oil, and other car necessities. If not, they might end up looking into other employment opportunities and stop driving for Grab, which will effectively lessen the available drivers that passengers can book.
“Now, we are still computing the exact impact of that fare change, but we are looking at a fare increase of anywhere between 6% to 10% of current fares,” said Brian Cu, the head of Grab Philippines, in a report by Inquirer. This means an additional P10 to P13 in rates.
But Cu clarified that they will only be increasing the fares based on the increase of the petroleum products. “We will not increase it until we see a significant change in pump prices.” The price hike will only take effect if the LTFRB approves Grab’s petition. As of writing, there's no word yet on LTFRB's decision.
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