ON Tuesday, taxi-booking company Grab Philippines released its 2017 financial report, and the news was even uglier than most people expected. Grab is as otherwise sanguine about its prospects as it has ever been. As a consequence, Grab fares are not significantly lower than any competitive service, and in some cases may be higher. Not all Grab drivers are extortionists, of course; many of them are perfectly honest and conscientious service providers. It would appear that Grab has already realized this, which is why the company has gone on a diversification spree, branching out into variations on the Grab Taxi model with the Uber-like Grab Car, Grab Bike, and Grab Hitch, bus services, services like food delivery, and even non-transportation ventures, such as an electronic payments app (Grab Pay) and a new venture that will offer micro-loans and insurance products.

Source: Manila Times June 06, 2018 16:52 UTC