MANILA (Reuters) – The Philippine competition watchdog said on Friday it has approved ride hail firm Grab’s acquisition of Uber’s operations, providing it follows rules to ensure fairness to consumers given its stranglehold of the local market.
FILE PHOTO: A Grab employee uses the Apps to book a cab for passengers at the Ninoy Aquino International Airport (NAIA) in the metro Manila, Philippines, July 22, 2016. REUTERS/Romeo Ranoco
The Philippine Competition Commission (PCC) would strictly monitor Grab’s compliance with conditions intended to improve quality of service over the next 12 months, amid complaints about picky drivers and sharp prices increases at peak times.
Any breach of conditions could result in fines of up to 2 million pesos ($37,624) per offense and serious non-compliance could lead to the Grab-Uber deal being undone, it said.
“While Grab operates as a virtual monopolist, the commitments assure the public that quality and price levels that would…