Landbank responds

This refers to the article “House panel probes PUVMP agencies” published by The STAR on Feb. 17, 2024.

The article mentioned that the Land Bank of the Philippines (Landbank) had reportedly “withheld the release of its approved loans for 30 modern buses” for a transport cooperative in Camarines Sur after finding out that there is another transport organization assigned to its route.

We wish to clarify that Landbank approved the loan application of Naga-Pasacao Transport Cooperative in July 2021 for 30 units amounting to P66.45 million. However, it was the coop that lost interest in pursuing the project and requested the bank not to release their approved loan after finding out that another transport entity was awarded the same route. The validity of their loan lapsed in July 2022.

Since 2017, Landbank has been supporting the national government’s Public Utility Vehicle Modernization Program (PUVMP) through its Landbank Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles (SPEED PUV) program, in coordination with the Department of Transportation and Land Transportation Franchising and Regulatory Board.

To date, we have released a total of P8.15 billion in loans to 121 eligible transport cooperatives and 47 corporations, which has financed the purchase of 3,738 PUVs nationwide. – Catherine Rowena B. Villanueva, SVP, Corporate Affairs Group, Landbank