LandBank hikes its lending fund for PUV modernization to P10B
State-run Land Bank of the Philippines on Sunday said it has hiked anew its lending program funding for transport cooperatives and corporations to P10 billion, for them to comply with the government’s contested Public Utility Vehicle modernization program.
The program allows eligible borrowers to loan up to 95% of the total acquisition cost of the modern PUK at an interest rate of 6% per annum or 0.5% per month, payable up to a maximum of seven years. “LandBank continues to extend much-need financial support to assist drivers and operators upgrade their fleet, in line with the national government’s transport modernization agenda,” LandBank President and CEO Cecilia Borromeo said.
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