GRAB Philippines lost P2.91 billion in 2017, an increase from the P1.56 billion in 2016, claiming that it has never earned anything since it started business in the Philippines. Revenues from 20 percent commission from rides are used for incentivizing drivers,” Country Head Brian Cu said in a statement on Tuesday. Cu said that Grab Philippines was still in its investment mode and was not expecting to earn anytime sooner. We are still in investment mode and are not expecting to make money anytime sooner. “The fund will come from Grab’s investment funds,” Cu added.

Source: Manila Times June 05, 2018 09:56 UTC