Manila: The Land Transportation Franchising and Regulatory Board (LTFRB) clarified on Friday that it has not yet approved a new fare increase for public utility vehicles (PUVs).

According to Philippines News Agency, LTFRB Chair Teofilo Guadiz III stated that any adjustment to current fare rates remains on hold pending the outcome of an ongoing study by the Department of Economy, Planning, and Development (DEPDev), which was formerly known as the National Economic and Development Authority (NEDA).

Guadiz emphasized that no fare increase has been approved at this stage. He described fare adjustments as a significant matter that requires careful study, particularly in light of the current economic conditions.

He added that the board is not rushing into a decision and is waiting for the analysis from DEPDev. The board intends to act based on facts and expert recommendations.

This statement follows proposals from transport groups that have sought a fare increase due to the rising prices of fuel. The increase in fuel prices is primarily attributed to global supply disruptions caused by the ongoing Ukraine-Russia war and the Israel-Iran conflict.