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Joshua Lao

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Loan take outs by e-jeepney operators are consistent with expectations, according to two government lending institutions.

Elevating the Philippine jeepney to a higher level raised the eyebrows of some while others bared their support for the plan as this will not only benefit commuters but their operators and drivers as well.

However, convincing small operators and concerned individuals prove a challenge.

Issued on 19 June 2017, the Public Utility Vehicles Modernization Program (PUVMP) seeks to restructure and modernize the transport sector and bring stability and sufficiency to drivers and their operators.

Through state-run banks like the Development Bank of the Philippines (DBP) and the LandBank of the Philippines (LBP), interested drivers and operators may avail of financial assistance for the purchase of modern jeepneys.

1-TEAM President Yuri Sarmiento (3rd from left) and LANDBANK President Buenaventura (center) sealed the corporation’s partnership with the bank in a loan signing ceremony witnessed by senior officers from both establishments.

Word of mouth
DBP Senior Assistant Vice President Rustico Noli Cruz said that patronage of the financing program for PUVMP is consistent with expectations given the number of cooperatives and corporations who seek their assistance.

“It has spread by word of mouth among transport cooperatives with the experience of Taguig Transport Service Cooperative. Thus, many transport cooperatives/corporations now apply for the loan,” Cruz said.

“Further, DBP is actively coordinating with the Office of Transport Cooperatives, the Land Transportation Franchising and Regulatory Board (LTFRB) and the Department of Transportation (DoTr),” he added.

DBP director Rolando L. Metin delivered the closing remarks during the forum on the PUVMP and the DBP PASADA Program held at the DBP Head Office in Makati City.

Also, the DBP executive said they actively participate in caravans for PUVMP spearheaded by the LTFRB, the latest of which, was held in Cagayan de Oro and targeted to generate awareness among individuals, groups and cooperatives.

The PUVMP is among the flagship projects of the Duterte administration and aims to provide a comfortable life for Filipinos by improving the public transportation sector in a convenient, safe, reliable, affordable and environmentally-sustainable way.

Earlier, the PUVMP caravan held in Pagadian City, Zamboanga del Sur proved a success with some 700 transport cooperative members attending the event. Another caravan is scheduled on 24 September in Bukidnon.

Extremely low interest rate
 

Embarking on the same series of caravans where LandBank has also been active, the government lender is proud of the very low interest rate they offer to everyone.

“The bank has actively participated in the on-going PUV Caravan spearheaded by the DoTr and the LTRFB. LandBank  officers presented and explained the financing program to PUV drivers and operators during the stops in Clark, San Fernando (Pampanga), Dagupan, Urdaneta, San Fernando (La Union), Laoag, Tuguegarao, Santiago, Cabanatuan, Baguio and Marilao, all in Central and Northern Luzon and General Santos, Tagum, Cotabato, Pagadian and Cagayan De Oro in Mindanao,” LandBank said in an official statement.

Isuzu PH joins in the LTFRB’s Modern PUV bandwagon.

“Other cities in Mindanao that (LandBank) will visit are Valencia, Butuan, Surigao and Tandag. The bank will also be present during the Visayas and Southern Luzon legs of the PUV Caravan which will last until next year. During the presentation, we emphasize the program’s very low interest rate of only 6 percent per year,” it added.

The lender also highlighted another financing program, TRANSPORT, which aims to provide credit for interested individuals and groups who want to establish businesses and facilities that complement the transport business.

“Aside from the SPEED PUV Program, (LandBank) is also offering the TRANSPORT Financing Program wherein participants to the PUV Modernization can avail of another credit window to finance support facilities or allied businesses that will complement their transport business,” the Bank explained.

“Under TRANSPORT, we will support the establishment of their own gas stations, construction of garage and offices, increase their inventory of spare parts and other businesses that will promote additional income for transport operators,” it added.

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