MANILA - (UPDATE) Motorcycle ride-hailing firm JoyRide PH on Thursday said it was waiting for approval from regulators before launching its service.

Chino Arvisu, JoyRide CFO, said the company is prepared to launch its app and services but will wait for the Department of Transportation's decision on whether it would extend pilot testing for motorcycle taxi services, which is set to end in December.

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"We are prepared. We are ready. Just give us an opportunity to join the pilot testing," Arvisu said in an interview with ANC's Market Edge.

• Angkas is back under 6-month test of motorcycle taxi rules

He said JoyRide has set up a facility in Antipolo City to train riders in terms of skills and safety, and has so far signed up around 6,000 riders.

While Angkas already has 27,000 riders and has been operating for years, Arvisu said JoyRide is confident that there's still more than enough room for a new motorcycle taxi service.

He said 80 percent of the market remains unserved.

"It's not even competition eh."

Several bills have been filed in both the Senate and the House of Representatives seeking to legalize motorcycle taxis.