Tue, 27 Oct 2020

LandBank extends P737M in loans for purchase of modern jeepneys

Philippine Information Agency
26 Sep 2020, 16:38 GMT+10

CALOOCAN CITY, Sept. 26 (PIA) -- The Land Bank of the Philippines (LandBank) continues to support the government program to put in new and safer public utility jeepneys (PUJs) on the street.

As of August 31, 2020, LandBank has approved a total of P737.21 million in loans to 16 borrowers nationwide for the purchase of 407 modern jeepneys under the SPEED PUV SPEED PUV (Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles) Loan Program.

Launched in March 2019, the LandBank facility offers financing to public transport cooperatives or corporations to help them make the shift to more efficient and safer vehicles.

This is in connection with the Public Utility Vehicles Modernization Program (PUVMP), spearheaded by the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), with the goal of making the country's public transportation system efficient boost passenger safety and prevent pollution by imposing an age limit for transport vehicles that allowed to operate.

"The SPEED PUV Program is geared towards supporting our jeepney operators with accessible and affordable financing to purchase modernized jeepneys. Together with the DOTr and LTFRB, LandBank is committed to the improvement of the country's transport system and the convenient and safe mobility of the riding public," said LandBank President and CEO Cecilia C. Borromeo.

Modern jeepneys currently cost around P2.2 and P2.4 million. Unlike the clunky and noisy jeepneys, these are equipped with safety and convenient features such as curb-side passenger entrance and exit access, air-conditioning, closed-circuit television (CCTV) systems, and Global Positioning System (GPS), among others.

LandBank's SPEED PUV Program allows borrowers to loan up to ninety-five percent (95%) of the total acquisition cost of the PUJ, at an affordable interest rate of six percent (6%) per annum and payable up to a maximum of seven (7) years.

LandBank is also offering a similar program for bus operators. The government bank recently launched a P3-billion program for the purchase of modern public utility buses, in support of the Metro Manila Bus Modernization Program of the DOTr-LTFRB. The loan facility is being offered through the Bank's I-RESCUE for BUS Transport (Interim REhabilitation Support to Cushion Unfavorably-affected Enterprises by Covid-19 for Better Urban Services Transport) Lending Program.

Interested borrowers may contact the nearest open LandBank Lending Center or Branch nationwide, or call LandBank's customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000. (PIA NCR)

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