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Press Release POE: REDUCE PUV MODERNIZATION LOAN INTEREST TO 4% Sen. Grace Poe urged the Land Transportation Franchising and Regulatory Board (LTFRB), Land Bank of the Philippines and the Development Bank of the Philippines (DBP) to further reduce the interest rate on public utility vehicle (PUV) modernization loans to four percent from six percent to lessen the financial burden of operators and drivers. If we want to really help our public transport sector transition to PUV modernization, all support must be extended to our operators and drivers who have been among the hardest hit by the pandemic, said Poe, chairperson of the Senate public services committee. ....
Sen. Grace Poe (FACEBOOK / FILE PHOTO) “If we want to really help our public transport sector transition to PUV modernization, all support must be extended to our operators and drivers who have been among the hardest hit by the pandemic,” Poe, chairperson of the Senate public services committee, said in a statement. Under the PUV Modernization Program (PUVMP), jeepney operators may borrow money from the Land Bank of the Philippines and the Development Bank of the Philippines (DBP) to purchase the new jeepneys at an interest rate of six percent, which is payable for up to seven years. Modern jeepneys cost between P2.2 million to P2.4 million, according to the Land Bank. ....
Senator calls for lower loan interest rate on modern public transport A SENATOR asked transportation authorities to reduce the interest rate on loans for public vehicles procured under the modernization program to 4% from 6% to lessen the burden on operators and drivers. In a statement on Wednesday, Senator Grace Poe-Llamanzares urged the Land Transportation Franchising and Regulatory Board and the LandBank of the Philippines to cut the interest as the sector was hit hard by the pandemic. “If we want to really help our public transport sector transition to PUV (public utility vehicle) modernization, all support must be extended to our operators and drivers who have been among the hardest hit by the pandemic,” Ms. Llamanzares, chair of the Senate committee on public services, said in a statement. Danilo C. Yumul, chairman of the Confederation of Drivers and Operators in Central Luzon, said during the Senate committee hearing on Tuesday that drivers and operators cannot borr ....