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Manila Bulletin devider Philippines devider National devider Poe dares gov't to reduce interest on PUV modernization loans

Poe dares gov't to reduce interest on PUV modernization loans

Published Mar 17, 2021 05:01 pm

Senator Grace Poe on Wednesday, March 17, urged the government to further reduce the interest rate on public utility vehicle (PUV) modernization loans to four percent to lessen the financial burden of operators and drivers.

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.

During the public services committee's hearing on the program Tuesday, March 16, Confederation of Drivers and Operators in Central Luzon Chairman Danilo Yumul said that drivers and operators cannot afford the interest.

He said even before the pandemic, drivers could not afford the P40,000 monthly payment for the new PUV.

Land Transportation Franchising and Regulatory Board (LTFRB) chairman Martin Delgra, on the other hand, maintained that the financing package is "generous" and already favors the small transport groups and individual operators.

He described the interest rate as "still low", citing the risks to be shouldered by the LBP and the DBP on the transport program.

Poe said the two-percent reduction on the interest rate could just be considered as a "subsidy" for the drivers and operators.

The PUVMP, launched in 2017, seeks to replace jeepneys 15 years and older with modern units that are powered by clean engines and are equipped with safety features and automated fare collection system. The program has been opposed by transport groups, and has prompted several transport strikes and protests.

SB 867, which calls for a "just and humane" implementation of the PUVMP, proposes an interest rate on loan amortization not exceeding four percent diminishing annual interest.

It also seeks to mandate the government to provide financial assistance of not less than 10 percent of the price per unit.

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