QUEZON CITY, Oct. 1 (PIA) --The Land Bank of the Philippines (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 (Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles) Loan Program.
The SPEED PUV Loan Program was launched last March 2019 to offer financing to public transport cooperatives or corporations to help them make the shift to more efficient and safer vehicles.
The program 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.
In a statement, Landbank President and CEO Cecilia C. Borromeo said 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,” Borromeo said.
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.
According to Borromeo, Landbank is also offering a similar program for bus operators as they 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,” Borromeo said.
nterested 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. (Landbank/PIA-NCR)
Source: Philippines Information Agency (pia.gov.ph)
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