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MANILA -- Ride-sharing firms like Grab can no longer set fares on their own, the Land Transportation Franchising and Regulatory Board said Tuesday.

The LTFRB on Monday secured "full authority" from the Department of Transportation to regulate and monitor transport network companies or TNCs

• LTFRB gets 'full authority' to regulate TNCs, TNVS

"With this department order, klaro na po na (it is clear that) it is not the TNC that is authorized to set the fare. It is now the LTFRB," board member LTFRB member Aileen Lizada told DZMM.

The LTFRB will "ensure consumer protection and fair competition" with its additional power over ride-hailing firms, she said.

Grab country head Brian Cu said the company would comply with the Department of Transportation order.

"Grab will continue its commitment to create the safest transportation platform, making transportation accessible to all, and improving the lives of our partners," Cu said.

The board will schedule a special meeting soon to look into the TNC fares, which will be revised based on public hearings and consultations with companies, she said.

Dominant ride-hailing service Grab, which acquired Uber's Southeast Asian operations in April, had been at odds with the LTFRB over the imposition of a P2 per minute fare.

The regulator suspended the charge, which Grab said was "fair" since fares for new TNCs have a per minute component.

• Ride-hailing firm Grab buys Uber's SE Asia operations

• Grab seeks restoration of P2-per-minute charge