(UPDATE) THE Land Transportation Franchising and Regulatory Board (LTFRB) on Saturday said it will allow 100,000 vehicles registered with Grab Philippines to obtain franchises to meet the passenger transport needs in Metro Manila.

According to LTFRB Chairman Teofilo Guadiz 3rd, the number may increase depending on the demand.

This statement follows the reported 'investment pledge' from Grab that could result in 500,000 more jobs for Filipinos.

'500,000 new jobs with the creation of 100,000 motor vehicles both in 4-wheeled and motorcycle taxis. But 100,000 is the initial, we won't give it all to prevent saturation in the market,' Guadiz said.

'So initially, 100,000 and increasing further in 3 months' time. We may increase the number until such time that the number of TNVS (Transportation Network Vehicle Service) matches the needs of the riding public,' he added.

In addition, Guadiz emphasized that the agency will also try to grant franchises to other motor vehicles in other parts of the country such as the cities of Bacolod, Iloilo, Cebu and Davao.

He said LTFRB will release two circulars that will set out the rules and other qualifications for drivers.

'Those are just normal qualifications. First, Professional Driver's License and second, seminar of 15 hours. The seminar is more on road safety to ensure that there would be minimal accidents on the road, especially motorcycle taxis,' said Guadiz.

He said the LTFRB believes that granting this franchise will help to provide a wider service to the public.

Last February 2, Grab CEO Anthony Tan vowed to make an investment that may create 500,000 jobs.

The commitment was made by officials of Grab Holdings Inc. during their meeting with President Ferdinand Marcos Jr. at Malacañang.

The meeting tackled Grab's recommendations for modernizing transportation in the country.