Metro Manila (CNN Philippines, March 28) — More ride-hailing companies may soon enter the Philippine market, giving more competition to Grab after it acquired Uber.

The Land Transportation Franchising and Regulatory Board (LTFRB) on Wednesday said there will be no monopoly with Grab because three Transport Network Companies (TNCs) are applying for accreditation.

"If you say there's no competition, soon there will be. Any competition is good for any industry because it benefits the riding public," LTFRB board member Aileen Lizada said in a media briefing.

She said "Lat Go," "Owto," and "Hype" are still complying with the requirements and it may take months before they could operate.

Grab on March 26 acquired Uber's Southeast Asia operations, including ride-sharing services in the Philippines, raising concerns about potential monopoly.

Laban Konsyumer head Vic Dimagiba said transport regulators should ensure that there will be competition among ride-sharing companies to keep fares and services affordable to passengers.

Grab Philippines country head Brian Cu assured passengers will benefit most from their merger with Grab.

He said the additional 20,000 to 24,000 Uber-exclusive drivers set to transition to Grab will mean less frequent fare surges because of the increase in supply.

"You should see that the allocation times get better because the density of cars should get better. If it's easier to allocate that means the surge won't go up," Cu said.

He added, "The combining of the two largest ride-hailing companies here in the Philippines and in Southeast Asia will allow us to focus on better things, such as the best quality costumer service both to our partner-drivers and the passengers we have."

Lizada said LTFRB is the only body who can regulate TNVS fares.

"Grab on its own, just like any other public utility vehicle, cannot increase its fares on its own. The times two surge stays, yung 11 to 14 range nila stays, yung two-pesos per minute running time stays," she said.

Grab has a pending petition for a fare hike, but transport regulators have yet to decide on the matter.

Uber will accept bookings only until April 8, after that all booking requests can only be made from the Grab app.