LTFRB eases rules to secure PUV franchise READ MORE:
Meanwhile, the government-owned Land Bank of the Philippines said affordable financing will continue to be accessible to transport groups to help them acquire modern jeepneys in compliance with the government’s transport modernization program.
In a resolution, the LTFRB said the COC requirement was seen as “a frequent cause of delay or dismissal of applications.” The bank 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 Jan. 31, 2023. This was done through the SPEED PUV Program.
Under the SPEED PUV Program, eligible borrowers may loan up to 95 percent of the total acquisition cost of the modern public utility jeepney, at an affordable interest rate of 6 percent per annum, or a minimal 0.5 percent per month, and payable up to a maximum of seven years.
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