Business

DBP bankrolls South Luzon PUV modernization project

Sunday, July 7, 2019

MANILA –State-owned Development Bank of the Philippines (DBP) has granted a P29.44-million assistance to a South Luzon-based transport cooperative for 15 units of EURO IV jeepneys under the DBP PASADA loan program targeting transport cooperatives and corporations that seek to modernize their fleet, a top official said.

DBP president and chief executive officer Emmanuel G. Herbosa said the bank’s assistance to Lucban Genesis Transport Service and Multi-Purpose Cooperative (LGTSMPC) allowed the group to acquire 78 brand new modernized jeepney units under the DBP Program Assistance to Support Alternative Driving Approaches (PASADA) Financing Program.

“We take pleasure in assisting LGTSMPC in its effort to contribute to the success of the PUV Modernization Program (PUVMP) of the National Government,” Herbosa said.

The DBP PASADA Financing Program is a special loan financing facility available to corporations and cooperatives registered with the Office of Transportation Cooperatives (OTC) and participating in the PUVMP.

The program covers qualified transport cooperatives and corporations that have been awarded or have been qualified to receive franchises by the Land Transportation Franchising and Regulatory Board (LTFRB) under the Omnibus Franchising Guidelines of the PUVMP.

Senior officers from DBP attended the launch event held on May 22, 2019 organized by the Lucban Genesis Transport Service and Multi-Purpose Cooperative (LGTSMPC) to inaugurate the first set of modernized jeepneys that will service the Lucban-Lucena route in the province of Quezon. The launch was attended by (from center left) DBP executive vice president Jose Gabino D. Dimayuga (in barong), DBP senior vice president Abelardo L. Monarquia, acting Lucban mayor Armando Abutal (in barong), CDA regional director Salvador Valeroso, OTC executive director Eugene Pabualan, LTO district office chief Wilma De Castro, LTFRB regional director Renwick Rotaquio, and DBP assistant vice president Violeta A. Dela Torre. Representatives from other transport cooperatives in Quezon province and Sta. Elena, Camarines Norte also attended the launching event. DBP

Herbosa said LGTSMPC is the first cooperative to launch the modernized jeepneys in Quezon Province, as well as in South Luzon.

He said the transport cooperative, which services the 21-kilometer Lucban-Lucena route, is looking forward to receiving 63 more units before the year ends.

“We hope DBP can continuously be of service to more transport corporations and cooperatives around the country with our DBP PASADA Financing Program,” Herbosa said./PN