The Land Transportation Franchising and Regulatory Board (LTFRB) has removed audited financial statements and annual income tax returns as requirements for the application and renewal of public utility vehicle (PUV) franchises.

LTFRB Chairperson Atty. Vigor D. Mendoza II said the move aligns with President Ferdinand “Bongbong” Marcos Jr.’s directive to streamline government processes and support the Ease of Doing Business law.

Mendoza noted that many small transport operators have struggled to comply with the requirement for audited financial records.

“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,” Mendoza said.

“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 added, noting that a Board Resolution has been issued.

In August last year, the LTFRB required the filing of these documents for operators, including those covered under the Public Transportation Modernization Program. However, upon review, the Board concluded that the documents were “not utilized in the daily functions” of franchise processing and thus deemed them “an unnecessary document.”

The LTFRB clarified, however, that it may still request a PUV operator to submit the documents if needed in specific cases.