DBP extends P152 million to modernize transpo coop

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has extended a P152-million loan financing for the modernization of public utility jeepneys (PUJs) and the improvement of the transport sector.

DBP has extended the credit assistance to Batangas Transport Cooperative for the acquisition of 85 modern PUJ units.

The over 2,000-member cooperative is managed by land transport officers with more than 10 years of experience in the industry.

This will be the cooperative’s first batch of modernized public utility vehicles that will be deployed in six towns of Batangas.

The cooperative is the first transport cooperative in Batangas to have an approved loan with the DBP following the issuance of its local public transport route plan, which includes seven routes in highly populated areas of the province.

The modern PUJs would serve the travel needs of the riding public, especially those in the cities of Lipa and Batangas and the municipalities of Mataas Na Kahoy, Rosario, San Juan, and Bauan.

DBP president and CEO Emmanuel Herbosa said the assistance strengthens the bank’s commitment toward the improvement of the country’s transport system, providing convenience and ensuring the safety of the public.

The financing, which is under DBP’s Program Assistance to Support Alternative Driving Approaches (Pasada), aims to promote a sustainable transport system in the province.

Pasada targets to modernize the country’s transport system and offers financing for the acquisition of brand-new and energy-efficient public transport vehicles, as well as the provision of support facilities to transport corporations and cooperatives.

As of end-September, DBP had approved 98 accounts under Pasada with a total loan amount of P7.56 billion.

DBP continues to explore ways to find sustainable solutions to hasten the modernization of the transport sector in the country.