The Land Transportation Franchising and Regulatory Board on Thursday granted a provisional P1 increase in bus fares in Metro Manila.
The year-on-year inflation rate in the country has increased from 2.9 percent in 2017 to 6.7 percent in September this year, according to the Philippine Statistics Authority.
The LTFRB reminded bus operators that students, senior citizens and persons with disabilities are entitled to a 20-percent fare discount.
The petition for the fare increases was filed by the Southern Luzon Bus Operators Association, Nagkakaisang Samahan ng Nangangasiwa ng Panlalawigang Bus sa Pilipinas, and Samahang Transport Operators ng Pilipinas, citing fuel price hikes and high costs of acquiring new buses in compliance with the Public Utility Vehicle Modernization Program.
Socioeconomic Planning Secretary Ernesto Pernia warned that the fare hikes would have an impact on inflation.
“Anything that increases the cost of service increases inflation,” Pernia said on the sidelines of the EU-Philippines Business Summit. “We have to find out what the quantitative effect will be.”
Senator Paolo Benigno Aquino IV said the suspension of new excise taxes on fuel next year was not enough.
“Suspension should not be enough. Let us absolutely remove the excise tax on petroleum under TRAIN Law,” he said, referring to the Tax Reform for Acceleration and Inclusion law. “Filipinos are drowning due to high prices, especially drivers of jeep, tricycle and other PUV.” With Macon Ramos-Araneta and PNA
