MANILA - Ride-hailing firm Grab on Friday thanked the Philippines' anti-trust body for approving Grab's acquisition of the Southeast Asia operations of rival Uber and "recognizing the legality" of the deal.
The decision will ensure fair competition in the ride-hailing industry, Grab Philippines country head Brian Cu said in a press briefing.
"We applaud and thank the PCC [Philippine Competition Commission] for ensuring fair competition in the ride-hailing industry," Cu said.
"PCC’s pro-innovation approach and forward-looking decision sets a strong example for other regulators examining the Grab-Uber deal, and encourages fair competition and a level playing field that ultimately benefits consumers and drivers," he added.
Cu assured regulators that Grab will abide by the commitments detailed under the PCC's Commitment Approval released early Friday.
Some of the conditions stated in the decision were improved service, clear breakdown of fares, lower cancellation rates and justifiable fare surges.
The PCC had launched a review of the Grab-Uber deal citing anti-competition concerns but it was suspended after Grab offered "voluntary commitments" to ensure a level transport network vehicle service (TNVS) playing field.
-- with a report by Warren de Guzman