Uber legal counsels Roberto Ramiro and Ane Masceno settled the fine at the LTFRB Central Office in Quezon City Tuesday afternoon.
TFRB board member and spokesperson Aileen Lizada told reporters the payment of fine might lift the suspension against Uber.
The fine will be remitted to the national treasury.
In its order dated August 25, LTFRB explained that the amount of the fine was based on the ridesharing firm'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.
The board has likewise directed Uber to provide financial assistance worth PHP19.95 million daily to its 36,367 affected transport network vehicle services (TNVS) operators.
According to Lizada, LTFRB is still awaiting confirmation from Uber's bank on the payment of its financial assistance amounting to PHP489.24 million.