Go-Jek Denied Entry To The Philippines
Go-Jek, a prominent tech startup based in Indonesia which specializes in ride-hailing and logistics has been denied by the Land Transportation Franchising and Regulatory Board (LTFRB) to operate in the Philippines.
According to LTFRB’s Chairman Martin Delgra, Go-Jek unit Velox Technology Philippines failed to meet requirements on foreign ownership. The Philippines caps foreign ownership in certain enterprises at 40 percent.
The Indonesian ride-hailing app Go-Jek announced in May 2018 that it would expand into the Philippines, Vietnam, Thailand, and Singapore as it takes on regional rival Grab in the fast-growing Southeast Asian market.
However, as the law on foreign ownership stands, time can only tell if this rising tech giant will soon land in the country and finally give Grab a run for its money.