It Looks Like Uber Is Really Ceasing Operations in the Philippines
After an exhaustive back-and-forth with the LTFRB, Uber is going down for a completely different reason. The popular car-hailing service is waving the white flag on its biggest rival in Southeast Asia, Grab, by selling its local operations in exchange for equity. The deal is structured similarly with the one struck between Uber and Chinese company, Didi.
At the time of this writing, Grab is already finalizing the deal.
The news comes from a Bloomberg report, where N.T.U. professor Zafar Momin commends Grab’s execution over Uber’s (at least locally): “They understand the local context better. Uber has been more about duplicating whatever they do in other parts of the world, and adapting a little bit.”
The deal apparently roots from all the money that Uber has reportedly been burning through since its founding. There’s no word yet that specifically pins a date on which Uber will cease its operations, but from the looks of things, it’s all pretty confirmed at this point.
Gotta start stocking up on those Grab points, then.