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Financials

Philippines' regulator rejects Indonesia's Go-Jek's application for Manila ride-hailing service

MANILA, Jan 9 (Reuters) - The Philippines’ transport regulator has rejected the application of Indonesia’s Go-Jek to launch a ride-hailing service in the country due to foreign ownership issues, a government official said on Wednesday.

The Land Transportation Franchising and Regulatory Board (LTFRB) denied the petition of Go-Jek’s subsidiary to become the newest ride-hailing service in the Southeast Asian nation, the regulator’s chairman, Martin Delgra, told Reuters.

Velox Technology Philippines Inc, a unit of Go-Jek, “did not meet the citizenship requirement and the application was not verified in accordance with our rules,” Delgra said.

Go-Jek, which counts Tencent Holdings Ltd and JD.com Inc as investors, did not immediately respond to request for comments. (Reporting by Neil Jerome Morales in MANILA; Additional Reporting by Fanny Potkin in JAKARTA; Editing by Christopher Cushing)

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