The Land Transportation Franchising and Regulatory Board (LTFRB) has announced that it is no longer necessary to submit an audited financial statement and annual income tax return when applying for or renewing a public utility vehicle (PUV) franchise.
According to LTFRB Chairman Vigor Mendoza II, this is a big help to small PUV operators who have difficulty obtaining the said documents. The new policy aims to speed up and simplify the process of obtaining a franchise.
Mendoza explained that many operators have been complaining about the difficult requirements to obtain a Certificate of Public Conveyance. Therefore, after analysis, it was decided that those documents are not necessary for the normal operation of PUVs.
However, the LTFRB clarified that in some particular cases, documents may still be requested depending on the operator's situation.
With the new policy, it is expected that small operators will be given relief and more PUVs will be able to continue traveling legally and properly.
