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Manila Bulletin devider Business devider Trade & Industry devider DBP funds P368-M Iloilo jeep modernization

DBP funds P368-M Iloilo jeep modernization

Published Jul 6, 2023 02:52 am
The Development Bank of the Philippines (DBP) granted a P367.72-million credit assistance to an Iloilo-based transport cooperative for the acquisition of 148 brand new modern Public Utility Jeepneys (PUJs) to serve 33,000 commuters, DBP President and Chief Executive Officer Michael O. de Jesus announced Thursday, June 6. Metro Iloilo Transport Service Cooperative (MITS Coop) will use the loan to modernize its fleet with EURO-compliant PUJs to be deployed in seven routes within Iloilo City. MITS Coop is registered with the Cooperative Development Authority (CDA) and was organized in line with the National Government’s jeepney modernization program. To date, it has 627 members comprised mainly of drivers, jeepney operators, and allied workers from various municipalities in Iloilo. Specifically, the MITS Coop loan falls under DBP’s flagship Program Assistance to Support Alternative Driving Approaches (PASADA) which supports the National Government’s Public Utility Vehicle Modernization Program (PUMVP), de Jesus noted. The PASADA Program offers flexible and competitive financing options tailored to the unique needs of transport corporations and Office of the Transport Cooperatives-accredited groups. As of end June 2023, DBP has already approved 104 accounts under the PASADA program with a total loan amount of P8.57-billion. Earlier, MITS Coop has partnered with DBP in 2020 for the acquisition of 27 modernized jeepney units. Now, the coop's acquisition of 148 additional modern PUJs will provide employment opportunities to over 500 individuals in the province, says DBP Senior Vice President and Head of Development and Resiliency Sector Carolyn I. Olfindo. Ultimately, the DBP-financed modern PUJs will serve the transportation needs of 33,000 commuters in seven routes situated mostly in highly populated areas of Iloilo City, according to de Jesus. “As a development financing institution, DBP will continue to pursue partnerships that bring far-reaching benefits to the lives of commuters, local businesses, and the environment,” he pledged. “This undertaking fortifies DBP’s commitment to stimulate local businesses in the automobile industry and to contribute to the overall development of the transportation sector in the country,” Olfindo concluded.
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