MANILA, Philippines – My Taxi Philippines Inc., the company behind taxi booking service app GrabTaxi, is looking to list on the Philippine Stock Exchange (PSE) as it plans to expand its service in the country.
GrabCar Philippines country manager Natasha Bautista told reporters yesterday the company intends to hold an initial public offering (IPO) as part of its plan to grow in the country.
“That’s the mission. We want to do it but we can’t say when,” she said.
For now, the company is focused on expanding its private vehicle hiring service GrabCar after receiving its accreditation as a transportation network company (TNC) from the Land Transportation Franchising and Regulatory Board.
GrabCar is the first to complete all requirements and receive full accreditation as a TNC following the Department of Transportation and Communications’ move to accommodate mobile app-based vehicle booking services by creating a new classification for them.
The requirements for TNC accreditation include business permit, certificate of registration duly issued by the Bureau of Internal Revenue, business model proposal with fare and service charges and complaint mechanism against vehicle owners and drivers.
“With full accreditation, more Filipino commuters would be able to use GrabCar and be confident that we offer a legitimate and safe private hire service. We will now focus on rapidly expanding GrabCar service to serve more passengers across the Philippines,” Bautista said.
The plan is to make the GrabCar service available in two additional cities within the year.
Bautista said among the locations eyed for expansion are Cebu and Davao since GrabTaxi is already available in these areas.
GrabCar is currently available in Metro Manila, while GrabTaxi provides services in Metro Manila, Cebu, Davao, Iloilo, Bacolod and Baguio.
Aside from expanding GrabCar to new locations, the company is also looking to provide new payment options to passengers through Globe Telecom Inc.’s mobile money service GCash as well as through credit and debit cards within the year.
GrabTaxi is currently the largest transport app in Southeast Asia, with more than 5.5 million downloads on mobile devices, 10 bookings made per second and more than 101,000 drivers registered within the network.
The app is available in 22 cities across six countries.
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