Ride-hailing company Grab announced Saturday that it will be placing a cap on its ride rates during the holiday season.
The development came after the Land Transportation Franchising and Regulatory Board warned Grab and Uber not to unreasonably hike their respective rates this Christmas and New Year.
In a statement, Grab said it will "fully comply to LTFRB's requests and directives."
"To ensure that the riding public will get the best service and rates during this season, Grab is voluntarily placing a cap, in compliance with the LTFRB, on our rates starting Dec. 24 to Jan. 30, 2017," it said.
The company did not indicate the cap it will impose.
The LTFRB said it has received complaints of surge rates as high as P28,000.
Grab, meanwhile, asked passengers to double-check their pickup and drop-off points before confirming their booking.
"However, we are ready to refund rides, upon verification, should they be charged for incorrect rate caused by a system error," the company said.
It also encouraged riders to email [email protected] to report any incorrect destination displayed on their map.
"We wish both our passengers and drivers safe and comfortable rides this season," it said.