05/11/2025
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𝐋𝐓𝐅𝐑𝐁 𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞
𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟓, 𝟐𝟎𝟐𝟓
𝐄𝐚𝐬𝐞 𝐨𝐟 𝐃𝐨𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬: 𝐋𝐓𝐅𝐑𝐁 𝐫𝐞𝐦𝐨𝐯𝐞𝐬 𝐟𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐈𝐓𝐑, 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 𝐚𝐬 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐫𝐞𝐧𝐞𝐰𝐚𝐥 𝐨𝐟 𝐏𝐔𝐕 𝐟𝐫𝐚𝐧𝐜𝐡𝐢𝐬𝐞
In line with the instruction of President Ferdinand “Bongbong” Marcos, Jr. to implement measures aligned to the Ease of Doing Business in the country, the Land Transportation Franchising and Regulatory Board (LTFRB), under the guidance of Department of Transportation (DOTr) Acting Secretary Giovanni Z. Lopez, removed audited financial statements or annual income tax returns as a requirement in operating and renewal of franchise for public utility vehicles (PUVs).
LTFRB Chairperson Atty. Vigor D. Mendoza II said the decision will be of big help to small players in the public transportation sector that are struggling to keep up with documents for the issuance of Certificate of Public Conveyance.
“Marami po sa mga kasamahan natin sa transport sector ang inirereklamo ang filing ng audited financial statements and the annual income tax returns at naiintindihan po natin sila kaya po ipinangako natin sa kanila na titingnan natin ito,” said Chairperson Mendoza.
“And based on our review, the filing of audited financial statements and annual income tax returns is not necessary for the operation of public utility vehicles,” he stressed, adding that they have already issued a Board Resolution in relation to the matter.
In August last year, the LTFRB issued revised guidelines on the filing of Annual Audited Financial Statement/Income Tax Return of operators including those covered by Industry Consolidation under the Public Transportation Modernization Program (PTMP).
But during the recent deliberation, the LTFRB Board agreed that the mandatory annual Audited Financial Statement and Income Tax Return are not utilized in the daily functions of the Board, and is therefore, “an unnecessary document.”
Chairperson Mendoza also argued that making Annual Audited Financial Statement/Income Tax Return as a requirement for the issuance of Certificate of Public Conveyance goes against the instruction of President Marcos on ensuring the ease of doing business in the country.
It is also embodied under Republic Act 11032 or the "Ease of Doing Act".
“In line with the Board's commitment to continuously improve the agency's efficiency in providing service to the public through streamlined processes and documentary requirements, the Board deems it proper to dispense the filing/ submission of Audited Financial Statement and/or Annual Income Tax Return In lieu of Annual Report,” the LTFRB Resolution dated October 30, 2025 read.
“Additionally, the annual filing of Audited Financial Statement and/or Annual Income Tax Report or Annual Report as required under MC Nos. 2018-002 and 2024-030 shall no longer be required.”
But the same Board Resolution emphasized that it may require a PUV operator to submit the same document when necessary. #
