Wednesday, May 3, 2017

Duterte Gov't Create Loan Program To Help Jeepney Operators Purchase Modern, Eco-Friendly Units

The government of President Rodrigo Duterte is set to help jeepney operators in purchasing modern, environment-friendly units as the government pursues its program modernizing the country’s public transport system.

Transport and Finance officials inked on Sunday, April 30, a memorandum of understanding (MOU) on financing operators who would be affected by the phase-out of old and dilapidated jeepneys in line with the government’s public utility vehicle (PUV) modernization program.

The MOU was signed by Department of Transportation (DOTr) Secretary Arthur Tugade, Land Transportation Franchising and Regulatory Board Chairman (LTFRB) Martin Delgra III, Department of Finance Secretary Carlos Dominguez III and Land Bank of the Philippines President Alex Buenaventura in Davao City.

The MOU sets up a loan program, called the Special Program for Environment-friendly and Effectively-Driven jeepneys (SPEED), under the Land Bank to help operators purchase replacements for their old and dilapidated units.

Under the SPEED, operators can avail loan packages worth least P1.4 million to P1.6 million to buy whether an electric jeepney, a Euro-4 engine-powered jeepney, or a hybrid unit.

Buenaventura said the borrower would only pay P800 a day over the seven-year payment period, with a five-percent equity and six-percent annual interest rate.

Operators could pay thru Land Bank cash deposit machines, “like a boundary,” Buenaventura said.

The financing program will be available after the DOTr and LTFRB approved the route plans submitted by the local government units for the release of the Omnibus Franchising Guidelines set this month.

The DOTr and Land Bank, also, have yet to release its implementing rules and regulations.

But for its pilot, the government has allotted an initial budget of P1 billion for loans to 650 operators in Metro Manila.

Delgra said that they are in talks with other banks to help in the program.

He said there are 234,000 jeepney units all over the country and of the number, around 70,000 units are plying in Metro Manila.

With the use of e-jeeps, officials hope that drivers can earn up to P33,000 a month, from the measly P600 they make a day.

Secretary Tugade called this is a “gift” from the government.

Source: Manila Bulletin



1 comment:

  1. Humihingi po ako ng tulong dahil lumang luma n jeep n pinapasada ko paano b ako makalapit s inyo, coop ang franchise ng jeep pero di ko alam paano lumapit s opis nyo. Paki sagot n lang s celpon ko dahil d ko rin kabisado itong pag type s gadget n ito. Number ko 09497070517. Salamat s Dios.