The LandBank announced the state-run lender increased its loan portfolio for co-operatives seeking to modernize their jeepney fleets to a total of P10 billion as the government pursues plans to phase out traditional PUVs.
THE Land Bank of the Philippines Inc. announced the state-run lender increased its loan portfolio for co-operatives seeking to modernize their jeepney fleets to a total of P10 billion as the government pursues plans to phase out traditional public utility vehicles .
LandBank officials said the decision was made as they seek to “accommodate more transport cooperatives and corporations” that would partake in the government’s PUV modernization program following its third budget allocation hike for Speed-PUVs. “We remain committed to the improvement of the country’s public transport system for the benefit of both transport operators and the riding public.”SINCE 2017, the state-run lender approved P6.9 billion in loans to 144 transport co-operatives and corporations nationwide for the purchase of around 3,120 modern jeepneys as of January 31. Deducing from the data, a co-operative or corporation would be P2.
The LandBank said the loan comes with a subsidy of P160,000 per vehicle from the National Government for units classified under Class-1, -2, -3 and -4 category models.
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