The Land Transportation Franchising and Regulatory Board (LTFRB) has raised the minimum fare for jeepneys nationwide to P11. It will be implemented starting from the first day at the Palace of President-elect Bongbong Marcos on July 1, 2022.
In the decision of the LTFRB on June 29, 2022, the motion of transport groups 1-UTAK, PASANG MASDA, ALTODAP, ACTO, and several other regional transport groups were approved in relation to the fare increase request.
In early June, the LTFRB approved a P1.00 provisional fare hike to PUJs in the National Capital Region (NCR), Regions 3, and 4, raising the fare to P10.
The LTFRB also approved the fare increase for modern PUJs nationwide to P13.00 from the current P12.00.
The fare hike will take effect on July 1, 2022, according to LTFRB Executive Director Tina Cassion.
“The Board is mindful of the present economic state of every Filipino brought about by the continuous rise in oil prices in the world market and the reeling effects of the COVID-19 pandemic,” said LTFRB in the decision.
The LTFRB order includes jeepney operators and drivers to provide fare discounts to senior citizens and students.
Jeepney fare now P11 nationwide starting July 1, 2022
With Marcos taking office on July 1, the LTFRB will also have a new leader in the person of Atty. Cheloy Garafil.
Meanwhile, the peso weakened further against the dollar and closed at P55: $ 1 on Wednesday, the weakest in 16 years.
The peso fell by 29 cents in trading on Wednesday before closing at P55: 06: $ 1, compared to P54.77: $ 1 on Tuesday.
This is the weakest value of the peso since October 27, 2005, which closed at P55.08: $ 1.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort sees that trading in the local stock market affected the peso’s value.
“The latest peso exchange rate movements partly due to the healthy downward correction in the PSEi today, after rising for three straight days, considered a healthy correction,” he explained.
“The latest currency movements also came after the US dollar corrected higher vs. major global currencies after continued hawkish signals from some Fed officials,” added Ricafort.