Transport fare cuts to effect
Manila (5 November) -- The Land Transportation Franchising and Regulatory Board (LTFRB) has approved a fare reduction of P.50 centavos for the first four kilometers for jeepneys, and P1 for the first five kilometers for buses (ordinary and air-conditioned) effective noon Wednesday.
Transportation and Communications Secretary Leandro Mendoza made the announcement at the close of the joint Cabinet-National Economic Development Authority (NEDA) board meeting at the guest lounge of Toyota Motor Philippines.
Mendoza said the fare reduction is in line with President Gloria Macapagal-Arroyo's instructions to reduce the prices of services and commodities in light of the global crisis and the coming holiday season.
"Madam President, I would like to report that pursuant to your instruction to lower the cost of services and commodities, the Land Transportation Franchising Board has approved at 11 o'clock this morning the reduction of fare for public transport," Mendoza said.
The fare reduction is "nationwide Mrs. President," Mendoza said.
He said the new fare rates would take effect at 11 a.m. tomorrow, or 24 hours after it was approval by the LTFRB.
Earlier, the President also announced a further cut in the local pump prices of petroleum products and liquefied petroleum gas (LPG). The new price cuts are expected to also lead to reductions in the prices of staple food and other basic commodities. (PIA-MMIO) [top]