Home » News » News Roundup » New Roundup » Regional » Landbank earmarks P1-B for e-jeepneys

Landbank earmarks P1-B for e-jeepneys

DAVAO CITY – The Land Bank of the Philippines is putting up a P1 billion credit facility for a pilot project that would allow cooperatives and transport organizations to seek loans which aims to modernize their jeepney fleets.

This was part of a memorandum of agreement signed between the bank, represented by chairman Carlos Dominguez, and Department of Transportation Secretary Arthur Tugade.

The signing was held at the Marco Polo Davao, Sunday.

Dominguez III said that public diplomacy is needed to spell popular support for the “politically challenging” plan of the Duterte administration to modernize some 220,000 public utility jeepneys (PUJs) across the country, as part of government efforts to provide a safer transport system for commuters while mitigating the effects of climate change.

The MOU was signed by Dominguez as Land Bank of the Philippines (LandBank) chairman and Secretary Arthur Tugade of the Department of Transportation (DOTr). The signing was witnessed by LandBank president Alex Buenventura and LTFRB Chairman Martin Delgra III.

According to Buenaventura the pilot project will cover the replacement of an initial 650 PUJs at P1.4 million to P1.6 million per unit. (YAS D. OCAMPO)