PUV modernization project backed
Credit to Author: EIREENE JAIREE GOMEZ| Date: Thu, 04 Jul 2019 16:14:11 +0000
STATE-owned Development Bank of the Philippines (DBP) has granted a P29.44-million assistance to a Public Utility Vehicle (PUV) Modernization Program in South Luzon.
In a statement on Thursday, DBP President and Chief Executive Officer Emmanuel Herbosa said the initiative was made possible by the agency’s Support Alternative Driving Approaches (Pasada) Financing Program, which offers responsive and reasonable financing for transport corporations and cooperatives to allow them to acquire new, environment-friendly and passenger-safe PUVs.
Beneficiaries were from Lucban Genesis Transport Service and Multipurpose Cooperative (LGTSMPC), who were provided with loan funds to acquire 15 units of EURO IV jeepneys and 78 brand new modernized jeepney units.
“We take pleasure in assisting LGTSMPC in its effort to contribute to the success of the PUV Modernization Program (PUVMP) of the national government,” Herbosa said.
He said the LGTSMPC is the first cooperative to launch the modernized jeepneys in Quezon Province, as well as in South Luzon.
The transport cooperative, which services the 21-kilometer Lucban-Lucena route, is looking forward to receiving 63 more units before the year ends, Herbosa said.
“We hope DBP can continuously be of service to more transport corporations and cooperatives around the country with our DBP PASADA Financing Program,” he added.
The DBP PASADA Financing Program is a special loan financing facility available to corporations and cooperatives registered with the Office of Transportation Cooperatives (OTC) and participating in the PUVMP.
The program covers qualified transport cooperatives and corporations that have been awarded or have been qualified to receive franchises by the Land Transportation Franchising and Regulatory Board (LTFRB) under the Omnibus Franchising Guidelines of the PUVMP.
The post PUV modernization project backed appeared first on The Manila Times Online.