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Manila Bulletin devider Philippines devider National devider LTFRB certification to facilitate loans for PUV modernization

LTFRB certification to facilitate loans for PUV modernization

Published May 16, 2023 06:48 am
The Land Transportation Franchising and Regulatory Board (LTFRB) will be issuing a certification to those who are interested in shifting to modern public utility vehicles for them to avail of loan programs from Government Financial Institutions (GFIs). LTFRB chairperson Teofilo Guadiz III said the certification will serve as an alternative document for cooperatives and corporations which have been complaining of difficulty in availing loans from GFIs like the Development Bank of the Philippines (DBP) and Landbank of the Philippines (LBP) for the Public Utility Vehicle Modernization Program (PUVMP). "The Board approved the issuance of an Alternative Certificate as a temporary solution to fast-track the approval of their loan application, while providing GFIs the assurance of the viability of routes whose LPTRP is still being processed and local government approval is still pending," said Guadiz. Guadiz said the validity of the certification is specified under the Memorandum Circular No. 2023-018 which authorizes the LTFRB to issue alternative documents for cooperatives and corporations with loan applications but have yet to secure Local Public Transport Route Plan (LPTRP) or Route Rationalization Study. The PUVMP has led to the creation of corporations and cooperatives composed of jeepney drivers and operators of certain routes, one of the issues actually being opposed by some transport groups. Guadiz said among those qualified to be issued with alternative certificates are ang Public Utility Jeepney (PUJ) Class 1, 2, 3, at 4, and UV Express Class 3. If qualified, the LTFRB would release a list of Alternative Certificate that will serve as the basis of GFIs for approval of loan applications.
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