MANILA - The Land Transportation Franchising and Regulatory Board said Tuesday it was working on a formula for an "adjustable" fare matrix aligned with weekly movements in gas prices.
LTFRB chairman Martin Delgra said his office has proposed a formula comprised by a "change in the fuel price multiplied by operating costs over income."
"We're in the process of consulting the transport groups," Delgra said in a press conference.
The proposal, he said, was made by the technical working group comprising of officials from the Department of Energy, Department of Trade and Industry, National Economic and Development Authority, and the Department of Finance.
They will also look at the impact of the adjusted fare on commuters in formulating the fees to "balance the interest" of transport groups and the costs commuters will have to shell out.
Jeepney transport groups have requested in 2018 a P10 minimum fare amid implementation of excise taxes brought by the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Authorities granted the request, but it was revoked after a month and restored to a P9 provisional rate as gas prices started to come down toward the end of 2018.
With gas prices increasing again in 2019 due to the second tranche of excise taxes, transport groups requested anew to raise the minimum fare to P10, saying the price increase won't require another set of deliberations.