BDO unit to help finance switch to modern jeepneys

MANILA - BDO Unibank Inc on Wednesday said its subsidiary will offer loans to help public utility drivers comply with the government's modernization program.

BDO Leasing and Finance Inc partnered with PUV management and consolidation company Transport Equipment Aggregator and Management Inc (1-TEAM) to finance 5 units of modern jeepneys called Bagong Jeep (BEEP), BDO told the stock exchange.

Each air conditioned BEEP, roughly the size of a mini-bus, will be Euro IV compliant, equipped with a diesel engine and safety features such as GPS, dashboard camera, CCTV camera and automated fare collection system.

BDO said a BEEP can seat 24 passengers and a driver.

BDO Leasing will be the first privately-own financial institution to offer financing for so-called modern jeepneys, BDO said.

Only state-own Landbank of the Philippines and the Development Bank of the Philippines have allocated funding for the jeepney modernization program, BDO said.