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Drivers are seen as they walk past modernized jeepneys at their cooperative terminal in Montalban Rizal on January 18, 2024. Jonathan Cellona, ABS-CBN News

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Modern jeepneys

Lady Vicencio

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/172354025757120240118-modern-jeepney-montalban-JC-1.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Modernized jeepneys at their terminal in Montalban, Rizal on January 18, 2024. <em>Jonathan Cellona, ABS-CBN News</em></span></span></span></div><div><br/></div><p>MANILA -- The financing scheme available for driver and operators who will participate in the Public Utility Modernization Program (PUVMP) will make or break it, Senator JV Ejercito said on Tuesday.</p><p>During the Senate hearing for the proposed new charter of the Development Bank of the Philippines, Ejercito urged the state-run bank to look into the viability of its funding for loans as drivers and operators raise concerns about high amortization.</p><div><a href="https://news.abs-cbn.com/news/2024/7/31/senators-seek-temporary-suspension-of-puv-modernization-program-915">Senators seek temporary suspension of PUV modernization program</a></div><p>Ejercito cited financing as one of the reasons why the government’s program on modernizing public transportation is being stalled.</p><div><a href="https://news.abs-cbn.com/news/2024/8/7/marcos-shuns-fresh-call-to-suspend-puv-modernization-program-1053">Marcos shuns Senate call to suspend PUV modernization program</a></div><p>“The common complaint is that the amortization is too high for ordinary drivers. Is there a possibility to lower amortization? Extend natin to 10 years? I think the financing scheme will be a key factor in the success or the failure (of the PUVMP),” Ejercito said. </p><p>DBP’s current monthly amortization ranges from P38,000 to P40,000 for seven years. </p><p>DBP Senior Vice President Rustico Cruz said it has approved at least P8.4 billion of loans to more than 100 transport cooperatives and corporations under the program.</p><p>The government-owned bank supporting the national government’s key development programs is seeking to amend its charter to increase its authorized capital stock from P35 billion to P300 billion to expand its credit assistance.</p><p>“Maybe if there would be funds that can be downloaded to GFIs (government-funded institutions), to help support lower the cost, that’s one thing also that we’re also exploring with DOTr (Department of Transportation),” Rustico said. </p><p>Cruz suggested that one of the solutions to make jeepney units more affordable is to actually bring down the cost per unit.</p><p>“Whether imported or local, as long as it’s compliant with standards, that’s okay with the transport department,” Cruz said.</p><p>Cruz added that the route rationalization plan of the PUVMP will help determine how many PUV units should be deployed in an area based on the ridership to avoid competition and ensure profitability.</p><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/_MKRusKPXjw?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The financing scheme available for drivers and operators who will participate in the Public Utility Modernization Program (PUVMP) will make or break it, a senator said.</p>

The financing scheme available for drivers and operators who will participate in the Public Utility Modernization Program (PUVMP) will make or break it, a senator said.

Financing will make or break PUV modernization says senator

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Financing will make or break PUV modernization says senator

Lady Vicencio,

ABS-CBN News

Published August 13, 2024 06:03 PM PHT

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jeepney modernization

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