In a press conference Tuesday afternoon, LTFRB board member and spokesperson Aileen Lizada said the agency has received the payment of PHP190 million fine by Uber in lieu of the suspension caused by its continuing activation of new drivers into its system.
The fine will be remitted to the National Treasury.
It has also received a certification from the ridesharing firm's bank Wells Fargo that it has provided financial assistance worth PHP299.24 million to its 36,367 transport network vehicle services (TNVS) operators nationwide affected during the suspension from August 15 to 29, 2017.
“Wherefore, in view of the submission of proof by Uber, the one month suspension on the accreditation dated August 14, 2017 is hereby lifted and set aside subject to further verification of actual receipt by the TNVS peer operators of the amount due to each of them,” Lizada said.
Uber has paid a total of PHP489.24 million to the LTFRB.
In its order dated August 25, LTFRB explained that the amount of the fine was based on Uber’s daily average earnings and the number of days it has been suspended. According to LTFRB, Uber's daily income ranges from PHP7 million to PHP10 million with a daily ridership of at least 150,000 trips.