Uber will no longer operate in the Philippines after a few months. Last month, it was reported that Uber was planning to sell their units to Grab in exchange for a stake in the company. It has been confirmed that a deal has been made between the two companies.
People have been suggesting that the reason for this end is because of the LTFRB. This speculation was due to the agency’s previous criticisms against Uber. However, that is not the case. The true reason would be that Uber is closing in a deal with Grab for its Southeast Asia operations. According to a report by Bloomberg, Uber’s stake in Grab is expected to be in the high teens or 20 percent.
According to Anthony Tan, Grab co-founder and Chief Executive Officer, the deal would aid in ending the fierce competition for leadership in Southeast Asia’s ride-hailing market.
Presently, there is still no update if the deal has officially been made.