BACOLOD City – “You are giving false hope to the people.”
This was the statement of Richard Osmena, director of the Land Transportation Franchising and Regulatory Board Region 6 (LTFRB-6) after 15 modernized public utility jeepneys were launched to ply the Bacolod and Negros routes.
Yesterday, the United Negros Transport Cooperative (Unetco) with its partner Yellowdot Transport Inc. introduced its modern jeepneys during a lunching ceremony at the New Government Center.
But Osmena warned they will not allow these modern jeepneys to operate because Yellowdot still haven’t filed an application from the Securities and Exchange Commission (SEC).
“They are launching these modern jeepneys, but what will happen after that? Balik sa grahe?” Osmena stressed.
LTFRB recently sent out an advisory to public about Yellowdot operating as an investment scheme without a license from SEC.
“I told them, you are giving false to the people kay nag launch sila tapos balik sa grahe kay indi kabyahe,” Osmena said.
Cited on LTFRB’s advisory, Yellowdot has been offering investment contracts for the purchase and management of ‘Millennial Jeep,’ a modernized jeepney designed to replace traditional jeepneys on the road that costs P1.95 million.
Yellowdot requires investors to put a P250,000 down payment on a Millennial Jeep, after which the rest of the cost will have to be paid through a car loan. Only when the balance has been fully paid will the investor have full ownership of the vehicle./PN
