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(From BusinessWorld (Philippines))
Byline: Kerlyn G. Bautista with Ira May Joyce P. Pedrasa
Minimum fare in Metro Manila and Luzon will rise today to P7.50 from P5.50 for jeepneys and to P8 from P6 for ordinary buses, the Land Transportation Franchising and Regulatory Board (LTFRB) ruled yesterday.
In a six-page order, LTFRB upheld its May 9 decision to raise passenger fare by P2 in Luzon and P1-P2 in the rest of the country.
LTFRB Chairman Ma. Elena H. Bautista said the board approved the minimum fare hike due to the latest round of oil price increase and the expected implementation of the expanded value-added tax (VAT) starting July 1.
The rise comes as crude price soared to a record high of $59.23 a barrel, extending last week's surge as a threat against Western …