LA Land Bank of the Philippines (LandBank) has approved loans amounting to 2.11 billion pesos from January to December 2021 to help 78 public transport operators purchase 810 new and modern public service jeepneys (PUJs).
The loans were approved under the Loan Program for Environmentally Friendly and Efficiently Driving Public Utility Vehicles (Speed-PUV), which are 177% higher than the 1.19 billion pesos in the same period l ‘last year.
As of December 31, 2021, LandBank had given the green light to a total of 3.79 billion pesos to 39 borrowers for the purchase of 1,619 modern jeepneys under the Speed-PUV program, which was launched in 2019.
“The Speed-PUV program is part of LandBank’s ongoing partnership with the national government to advance the nation’s transportation system, help protect the environment, and improve the overall driving experience for the public,” said President- CEO of LandBank, Cecilia C. Borromeo. .
The Speed-PUV program – in partnership with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) – provides affordable financing to public transportation cooperatives or corporations with DOTr-assigned routes, passing to more energy – high-performance, ecological, practical and safer vehicles in support of the Public Utility Vehicle Modernization Program (PUVMP).
Borrowers eligible for the Speed-PUV program can lend up to 95% of the total PUJ cost at an affordable interest rate of 6% per annum, payable on a cash flow basis but not exceeding a maximum of seven years.
Interested borrowers can contact the nearest LandBank open lending center or branch nationwide, or call LandBank’s customer service hotline at (02) 8-405-7000 or PLDT Domestic Toll-Free 1-800 -10-405-7000. (PR)
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