March 21, 2023

LANDBANK finances more modern jeepneys in Iloilo City

Land Bank of the Philippines (Landbank) and Western Visayas Transport Cooperative (WVTC) signed a loan contract for the acquisition of about 95 modern jeepney units.

The WVTC’s modern jeepneys will run in 13 routes in Iloilo City. These units will be equipped with air-conditioning, closed-circuit television (CCTV) systems, Wi-Fi connectivity, Global Positioning System (GPS), and a cashless payment system, among others, providing a convenient, safe, and comfortable commuting experience.

The jeepneys will also have minimal environmental impact, as these will comply with the European emission standards for globally-accepted vehicle exhaust emission limits.

“LANDBANK remains committed to supporting the National Government’s agenda towards building a modernized transport system. We stand ready to assist more transport cooperatives and corporations nationwide to make the shift to safer and more efficient vehicles,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.

The new jeepneys will provide a viable source of income to over 700 operator- and driver-members of WVTC, who were previously at risk of losing their livelihood due to the phaseout of traditional jeepneys.

The loan is part of Landbank SPEED PUV (Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles) Program. The program directly supports the DoTR and LTFRB’s Public Utility Vehicle Modernization Program (PUVMP).

Under the SPEED PUV program, the bank has authorized about P6.3 billion in loans to 138 transport cooperatives and enterprises nationwide for the acquisition of over 2,860 Modern Jeepneys as of December 31, 2022.

In Iloilo, the bank has issued P751.2 million to ten borrowers to finance a total of 334 units.