State-run Land Bank of the Philippines (LANDBANK) continues to support the National Government’s push for a safer and modernized transport system, by extending P1.8 billion in loans for the acquisition of modern jeepneys.
As of June 30, 2021, LANDBANK has provided financial support to 43 public transport cooperatives and corporations for the purchase of 849 modern public utility jeepneys (PUJs) through the SPEED PUV Program (Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles).
Another 46 accounts are being processed with total loan application amounting to P4.25 billion to procure 1,833 units of modern jeepneys.
The third generation of what used to be service vehicles of US servicemen dating back to the 1940s, the new jeepneys now feature air-conditioning, Wi-Fi connectivity, GPS tracking, CCTV cameras, speed limiters, and contactless payment systems.
In partnership with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), the SPEED PUV Program directly supports the Public Utility Vehicle Modernization Program (PUVMP) by offering affordable financing to help transport cooperatives and corporations purchase modern PUJs.
“We are working closely with the DOTr and LTFRB to assist jeepney drivers and operators purchase environment-friendly and efficiently-driven PUJs. Rest assured that LANDBANK will continuously support the transport sector towards building a safer and modernized transport system for the benefit of public transport players and commuters,” said LANDBANK Branch Banking Sector Head, Executive Vice President Julio D. Climaco, Jr.
Under the SPEED PUV Program, eligible borrowers may loan up to 95% of the PUJ’s total cost at an affordable interest rate of 6% per annum, payable based on cash flow but not to exceed a maximum of seven (7) years.
LANDBANK is also supporting efforts to modernize public utility buses (PUBs) through the I-RESCUE for BUS Transport (Interim REhabilitation Support to Cushion Unfavorably-affected Enterprises by Covid-19 for Better Urban Services Transport) Lending Program.
Launched in 2020, the I-RESCUE for BUS Transport Program offers affordable financing to help public transport cooperatives and corporations purchase modern PUBs, in support of the Metro Manila Bus Modernization Program of the DOTr and LTFRB.
Qualified transport cooperatives and corporations may borrow up to 80% of the PUB’s unit cost, at an affordable fixed interest rate for the first three (3) years, payable up to a maximum of seven (7) years, inclusive of a two-year grace period on principal.
Interested borrowers of LANDBANK’s SPEED PUV and I-RESCUE for BUS Transport Programs 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.
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