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Manila Bulletin devider Philippines devider National devider DBP open to waiving modern jeepney loan penalties over Middle East tensions, LTFRB says

DBP open to waiving modern jeepney loan penalties over Middle East tensions, LTFRB says

Published Mar 26, 2026 10:40 am  |  Updated Mar 26, 2026 03:24 pm
The Land Transportation Franchising and Regulatory Board (LTFRB) is asking government financial institutions to waive all the penalties that comes with the delay in the payment of loans for modern jeepneys amid the adverse effects of the Middle East tensions to the public transport sector.
LTFRB chairman Vigor D. Mendoza II wrote a letter to the Development Bank of the Philippines (DBP) where a number of loans were made for modern jeepney procurement though the bank’s DBP's Program Assistance to Support Alternative Driving Approaches (Pasada).
“We fully understand the situation of the public transport sector this time so we are exerting efforts to provide all the necessary assistance to them to ease their burden. So we wrote a letter to the DBP to ask them for a temporary suspension or waiver of penalties imposed on the outstanding loan obligations of transport service entities (TSEs),” said Mendoza.
In a letter to DBP President and Chief Executive Officer Michael De Jesus, Mendoza explained that the significant increase in the price of gasoline and other petroleum products have placed additional financial pressure on transport service entities, further affecting their operational sustainability.
As a result, he said those who availed of the DBP’s PASADA Program have made it difficult for several transport service entities to consistently meet their loan payment schedules.
“In this regard, the undersigned would like to respectfully request the temporary suspension or waiver of penalties imposed on the loan obligations of transport service entities,” the letter read.
“Such assistance would greatly help transport operators stabilize their financial standing and continue providing essential public transport services to the communities they serve,” it added.
On Thursday, March 26, Mendoza announced that the DBP has expressed openness to the request of the LTFRB, one of the agencies supervising the Public Transportation Modernization Program (PTMP) implementation.
In a reply to the letter of Mendoza, the DBP said it is aware of the effects of the Middle East tensions especially on oil import-dependent countries like the Philippines.
It said the crisis in the Middle East indeed significantly increased global oil prices and weakened the Philippine peso and added that such conditions have directly raised operational costs for the transport sector and caused financial distress to TSEs.
“Please be informed that as a government financial institution and staunch partner of the national government in the Public Transport Modernization Program (PTMP), DBP may consider granting of temporary suspension or waiver of penalties on a case-to-case basis, subject to approval of the approving authorities,” the DBP letter read.
Mendoza expressed gratitude to the DBP for considering the LTFRB request, saying it would be a big help to each and every operator who is now struggling to cope with the sudden high operational costs.
“This is another proof that the national government is indeed working together, joining forces to extend all the assistance that it could provide to the people, especially the transport sector,” said Mendoza.
“We express gratitude to the DBP for its genuine concerns to the transport sector. On the part of the LTFRB, we remain committed to fulfilling our financial obligations and maintaining a cooperative relationship with the DBP,” he added. #

Related Tags

LTFRB DBP PUV Modernization program Vigor Mendoza II
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