Uber closes Philippine business why Uber closes Philippine business
4hw.com.cn: Recently, Uber closed its business in the Philippines. Last year, the car Hailing market in Southeast Asia changed a lot. Let's see why Uber closed the car Hailing business in the Philippines.
At present, the company has informed the old users one day in advance and suggested that they download the grab software. Prior to that, grab and Uber signed an acquisition agreement. Uber obtained nearly 30% of the equity in grab company in exchange for assets in Southeast Asia, and withdrew from Southeast Asia market in a similar mode as in China and Russia.
Uber initially planned to officially withdraw from the Philippine market on April 8, but the Philippine Competition Commission asked Uber to extend the withdrawal time by one week to avoid inconvenience to current users and provide users with a longer transition period.
It is worth mentioning that in the face of the regulatory policy of Uber business, there are inconsistencies within the Philippine government. Earlier this month, the Philippine Competition Commission announced that it would require grab and Uber to suspend their merger plans and continue to operate independently, while at the same time, drivers or consumers' data should not be transferred outside until the anti-monopoly review is completed. In Southeast Asia, grab and Uber are almost the two oligarchs in the car Hailing market. If the two companies merge, the new company will have a monopoly advantage.
The Uber business in China also sold its assets to didi company and obtained about 20% equity. But recently, the competition in the car Hailing market is fierce, and various subsidies appear in succession. Consumers and drivers naturally become the biggest beneficiaries of the competition.