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Sharing Economy

Go-Jek loses appeal in Philippines, dashing hopes to chase Grab

Indonesian unicorn rejected over foreign ownership rules

Go-Jek is expanding outside its home market of Indonesia in its battle with Singapore-based Grab.   © Reuters

MANILA -- A Philippine transport regulator has rejected a new request by Indonesian ride-hailing company Go-Jek to offer services in the country, due to restrictions on foreign ownership.

The Land Transportation Franchising and Regulatory Board denied Go-Jek's appeal to overturn an earlier decision that denied its local affiliate, Velox Technology Philippines, an operating license. Martin Delgra, the board's chairman, in January said Velox did not comply with a requirement that ride-hailing companies be at least 60% Filipino-owned. One report said a Singapore-based unit of Go-Jek owns 99% of Velox Technology Philippines.

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