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'Thrive and survive': Grab says restructuring crucial in challenging economic environment

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ABS-CBN News

Grab Philippines needs to restructure the business in order to &quot;thrive and survive&quot; amid the reopening of the economy and current headwinds such as high inflation, soaring fuel prices and the volatile foreign exchange rate, among others, its country head Grace Vera Cruz said on Tuesday. Grab Philippines recently announced an adjusted commission rate for its GrabCar business while there is zero commission for its delivery business. In response, Laban TNVS National President Jun de Leon urged the Land Transportation Franchising and Regulatory Board (LTFRB) to <a href="https://news.abs-cbn.com/video/news/11/17/22/mga-rider-umalma-sa-dagdag-na-komisyong-kaltas-ng-grab">regulate</a> the said adjustment. But Vera Cruz said changes were &quot;co-created&quot; with its driver partners to ensure a sustainable business for them in the years to come.&quot;It’s a restructure of our commission scheme including incentives and things like that as the economy has opened up and as the economy change,&quot; she said.&quot;Every solution we have, we co-create with our Grabcar drivers. It has been months and months and discussion to really come up with a solution that would benefit them in the next 2 years,&quot; she added.Meanwhile, Grab Philippines said the rising prices of fuel, as influenced by Russia&#x27;s invasion of Ukraine, caused a spike in fares. &quot;It’s not Grab that dictates the prices increases, it&#x27;s the imports whose prices have increased over the last few years,&quot; she said.Vera Cruz stressed that Grab Philippines is compliant with the fare matrix set by the LTFRB.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/27/22/grab-asks-ltfrb-to-allow-more-ridesharing-drivers">Grab asks LTFRB for more drivers as ride-sharing demand rises</a></li>	<li><a href="https://news.abs-cbn.com/business/06/02/20/grab-says-more-drivers-to-go-online-after-safety-training">Grab says more drivers to go online after safety training</a></li></ul>

Grab Philippines said it needs to restructure the business in order to 'thrive and survive' amid the reopening of the economy and current headwinds.