The Land Bank of the Philippines (LandBank) announced on Wednesday that it has disbursed ₱1.1 billion in fuel subsidies to 190,130 public utility vehicle (PUV) drivers and operators as of November 9, in support of the transport sector amidst escalating fuel prices.
In collaboration with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), LandBank is implementing the fuel subsidy program, extending financial assistance to drivers and operators of various PUVs, including public utility jeepneys, buses, taxis, and transportation network vehicle services (TNVS).
Bankero, LandBank President and CEO Lynette V. Ortiz assured continued support for the local transport sector, expressing commitment to promptly deliver fuel subsidies to PUV drivers and operators nationwide.
The state-run lender is working closely with the DOTr and LTFRB to facilitate the immediate distribution of financial aid to the program’s total target of 1.36 million beneficiaries.
The LTFRB is actively providing lists of qualified beneficiaries to LandBank, which is overseeing the crediting of fuel subsidies to beneficiaries’ existing accounts in LandBank and other banks.
Under the program’s guidelines, modernized PUV and utility van express unit drivers and operators receive ₱10,000 each, while traditional PUV and TNVS operators receive ₱6,500 each.
LandBank resumed fuel subsidy distribution to qualified PUV drivers on September 21, following the Commission on Elections’ approval of the LTFRB’s request to exempt the program from the election spending ban.