The Land Transportation Franchising and Regulatory Board in Central Visayas ( LTFRB-7) revealed yesterday the 78 percent consolidation rate in the region.
Eduardo Montealto Jr., the regional director of LTFRB-7, told the media that as of 31 December 2023, a total of 8,580 units of public utility vehicles have applied for consolidation into cooperatives or corporations since 2018.
"On behalf of LTFRB chairman Teofilo Guadiz III, I salute the operators and their representatives who showed up to our regional field office to file their consolidation. I also commend the men and women of LTFRB – Central Visayas field office for being here at our office even on Saturdays, Sundays, and holidays just to make sure that those who will catch up with the deadline will be able to get it done," he said.
The 8,580 units represent the owners or operators of public utility jeepneys (PUJ) and Utility Vehicle (UV) Express who wanted to be part of either a transport cooperative or corporation.
Montealto said those who have consolidated into a cooperative need to register with the Cooperative Development Authority (CDA), aside from seeking accreditation with the Office of the Transport Cooperative of the Department of Transportation (DOTr).
Operators who do not want to join a cooperative may also form themselves into a corporation registered with the Securities and Exchange Commission (SEC).
In October 2023, only 59.6 percent of the franchise holders applied for consolidation.
"Those who fail to meet the consolidation deadline will lose their franchise and privilege to ply their respective routes as there is no more extension given," Montealto stressed.