DBP backs jeepney modernization

MANILA, Philippines — State-owned Development Bank of the Philippines (DBP) granted a P60.8-million loan to a Mandaluyong-based transport cooperative for the purchase of modern jeepneys as it ramps up support to the National Government’s Public Utility Vehicle Modernization Program.

DBP president and CEO Emmanuel Herbosa said the loan extended to the Mandaluyong Transport Service Cooperative (MTSC) under its P1.5-billion Program Assistance to Support Alternative Driving Approaches (PASADA) program would be used to acquire 30 modern airconditioned PUVs that will ply the Boni to Kalentong and Pinatubo and Boni to JRU-Stop and Shop routes.

“DBP remains focused in helping transport cooperatives like the Mandaluyong Transport Service Cooperative acquire modern, safe, and environment-friendly public utility vehicles in line with the PUV modernization program,” Herbosa said.

The new PUVs can accommodate up to 26 passengers each, with each unit equipped with an automatic fare collection system, WiFi, closed circuit television, speed limiter, LED screen, and Global Positioning System.

As of Sept. 30, DBP has approved a total loan amount of P1.18-billion to 24 transport cooperatives under DBP PASADA covering the acquisition of 629 modern and environment-friendly jeepney units nationwide.