In support of the government’s Public Utility Vehicle (PUV) modernization program
led by the Department of Transportation (DOTr) and Land Transportation
Franchising and Regulatory Board (LTFRB), the Land Bank of the Philippines
(LANDBANK) assured transport groups of accessible and affordable financing to help
them make the shift to safer and more efficient vehicles.
“LANDBANK continues to extend much-needed financial support to assist drivers and
operators upgrade their fleet, in line with the National Government’s transport
modernization agenda. We remain committed to the improvement of the country’s
public transport system for the benefit of both transport operators and the riding
public,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.
Through the SPEED PUV (Special Package for Environment-Friendly and Efficiently-
Driven Public Utility Vehicles) Program, LANDBANK has approved P6.9 billion in
loans to 144 transport cooperatives and corporations nationwide for the purchase of
over 3,120 modern jeepneys as of 31 January 2023.
LANDBANK has also raised the available program fund to P10 billion to
accommodate more transport cooperatives and corporations. This is the third budget
allocation hike made by the Bank from the P1.5 billion initial fund for the Program in
2017.
Under the SPEED PUV Program, eligible borrowers may loan up to 95% of the total
acquisition cost of the modern public utility jeepney (PUJ), at an affordable interest
rate of 6% per annum, or a minimal 0.5% per month, and payable up to a
maximum of seven years. This 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.
Unlike traditional jeepneys, modern PUJs are equipped with safety and convenience
features, such as air-conditioning, closed-circuit television (CCTV) systems, Wi-Fi
connectivity, and Global Positioning System (GPS). Modern jeepneys likewise have
minimal impact on the environment as they are compliant with the European
emission standards for globally-accepted vehicle exhaust emission limits.
Interested borrowers of the LANDBANK SPEED PUV Program 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.
