Metro Manila (CNN Philippines, February 7) — Aside from the LandBank and Development Bank of the Philippines (DBP), the Land Transportation Franchising and Regulatory Board (LTFRB) said transport cooperatives may now borrow money from private financial institutions to acquire modern jeeps.
LTFRB Technical Division chief Joel Bolano said they may now avail of an expanded equity subsidy program for those who will undergo PUV modernization where the government will cover the loan equity of the operator or cooperative.
Bolano said for government financial institutions, the equity subsidy is at ₱160,000 per unit while for private institutions, it ranges from ₱210,000 to ₱360,000.
Operators and cooperatives may proceed to the agency’s project management office for assistance in enrolling in the program.
Earlier, the LTFRB said only around 60% of the country’s public utility jeepneys have been modernized.
Franchises of traditional jeepneys in the provinces are supposed to expire on March 31, and April 30 for Metro Manila. Their expiration was suspended to give drivers and operators more time to modernize their vehicles.
For those who do not wish to go through modernization, Bolano said the Labor department and the Technical Skills Development Authority (TESDA) are offering skills training for alternative means of livelihood.
“Meron po tayong tinatawag na social support. They can enter a social support that is provided by the government through DOLE or TESDA,” he said.
