The regulatory land transportation dates back to the early 1900s. The LTFRB therefore, is a product of a series of transformations. The evolutionary progression runs as thus:

• Coastwise Rate Commission - November 17, 1902
• Supervising Railway Expert - June 29, 1906
• Board of Public Utility Commissioners - December 19, 1913
• Public Utilities Commission - March 9, 1917
• Public Service Commission - 1926
• Specialized Regulatory Boards - 1972
• Board of Transportation - 1979
• Land Transportation Commission (BOT & BLT) - 1985
• Land Transportation Franchising & Regulatory Board - 1987

World-class land transportation services contributing to the over-all development of the country, improvement of the socio-economic status of its stakeholders, and promotion of the welfare of the general public.

Ensure that the commuting public has adequate, safe, convenient, environment-friendly and dependable public land transportation services at reasonable rates through the implementation of land-based transportation policies, programs, and projects responsive to an investment-led and demand-driven industry.

To promulgate, administer, enforce, and monitor compliance of policies, laws, and regulations of public land transportation services.

Powers and Functions of the Land Transportation Franchising and Regulatory Board.

The Board shall have the following powers and functions:

1. To prescribe and regulate routes of service, economically viable capacities and zones or areas of operation of public land transportation services provided by motorized vehicles in accordance with the public land transportation development plans and programs approved by the Department of Transportation and Communications;
2. To issue, amend, revise, suspend or cancel Certificates of Public Convenience or permits authorizing the operation of public land transportation services provided by motorized vehicles, and to prescribe the appropriate terms and conditions therefore;
3. To determine, prescribe and approve and periodically review and adjust, reasonable fares, rates and other related charges, relative to the operation of public land transportation services provided by motorized vehicles;
4. To issue preliminary or permanent injunction, whether prohibitory or mandatory, in all cases in which it has jurisdiction, and in which cases the pertinent provisions of the Rules of Court shall apply;
5. To punish for contempt of the Board, both direct and indirect, in accordance with the pertinent provisions of, and the penalties prescribed by, the Rules of Court;
6. To issue subpoena and subpoena duces tecum and summon witnesses to appear in any proceedings of the Board, to administer oaths and affirmations;
7. To conduct investigations and hearings of complaints for violation of the public service laws on land transportation and of the Board's rules and regulations, orders, decisions and/or rulings and to impose fines and/or penalties for such violations;
8. To review motu proprio the decisions/actions of the Regional Franchising and Regulatory Office herein created;
9. To promulgate rules and regulations governing proceedings before the Board and the Regional Franchising and Regulatory Office: Provided, That except with respect to paragraphs d, e, f and g hereof, the rules of procedure and evidence prevailing in the courts of laws should not be controlling and it is the spirit and intention of said rules that the Board and the Regional Franchising and Regulatory Offices shall use every and all reasonable means to ascertain facts in its case speedily and objectively and without regard to technicalities of law and procedures, all in the interest of due process;
10. To fix, impose and collect, and periodically review and adjust, reasonable fees and other related charges for services rendered;
11. To formulate, promulgate, administer, implement and enforce rules and regulations on land transportation public utilities, standards of measurements and/or design, and rules and regulations requiring operators of any public land transportation service to equip, install and provide in their utilities and in their stations such devices, equipment facilities and operating procedures and techniques as may promote safety, protection, comfort and convenience to persons and property in their charges as well as the safety of persons and property within their areas of operations;
12. To coordinate and cooperate with other government agencies and entities concerned with any aspect involving public land transportation services with the end in view of effecting continuing improvement of such services; and
13. To perform such other functions and duties as may be provided?? by law, or as may be necessary, or proper or incidental to the purposes and objectives of this Executive Order.