However, taxi cabs must be able to secure a sticker from the Land Transportation Franchising and Regulatory Board (LTFRB)-Southern Mindanao in order for them to implement the additional P10 increase.
"It's basically the actual fare on the meter, plus P10," Edgar Violan, administrative officer of the LTFRB-Southern Mindanao said Wednesday.
Based on the approved fare rate hike of the LTFRB, the taxi cabs can now impose the additional P10 increase on the total metric charge.
The fare rate hike was brought about by the almost weekly increases in oil prices, which the major oil companies blame on the volatile world market.
Earlier this month, the LTFRB has already allowed public utility jeepneys to increase their fare rates, increasing the minimum fare by P1 plus an additional P1.50 for each succeeding kilometer from its previous rate of only P1.25.
Price of oil has slipped to $127.60 per barrel Wednesday, a far cry from the prevailing price of $145 per barrel when the fare rate hike was approved.
Based on reports, sweet crude for September delivery fell 82 cents to US$127.60 a barrel in electronic trading on the New York Mercantile Exchange as of Wednesday noon in Singapore.
Prices fell as Dolly, a tropical storm that spun into a hurricane on Tuesday, headed toward the US-Mexico border but grew increasingly unlikely to threaten key oil supply in the Gulf, giving traders one less reason to buy as a strengthening dollar helped keep prices in check.
The drop offered further evidence that investors are now quickly pulling money out of the market, after driving prices to a record above US$147 only a week and a half ago.
It was also a reminder that, with traders for the moment turning bearish, the absence of major news can push the market down - just as incremental supply concerns previously drove prices sharply higher.
