Land Bank and DBP Urged to Simplify Loan Requirements for Modern Jeepneys
AGRI Party-list Representative Wilbert T. Lee is calling on the Land Bank of the Philippines (LBP), the Development Bank of the Philippines (DBP), and other government financial institutions to make the loan requirements more manageable for transport cooperatives and corporations interested in purchasing modern jeepneys.
In a recent statement, Rep. Lee emphasized that the government should not add unnecessary difficulties for struggling public utility vehicle (PUV) drivers and operators who wish to participate in the government’s PUV modernization program.
During the plenary deliberations on the proposed 2024 budget of the Department of Transportation (DOTr), Rep. Lee highlighted the cumbersome documents and papers required by government banks to provide loans or assistance to transport cooperatives.
“The government must not burden the PUV drivers and operators in accessing loans to buy modern jeepneys,” said the newly elected solon.
He called for the liberalization and simplification of these loan requirements, pointing out the redundancy of the multiple requirements from the Land Bank and DBP, even after complying with those set by the Land Transportation Franchising and Regulatory Board (LTFRB) and Land Transportation Office (LTO).
“It defeats the purpose if we give the PUV drivers a hard time. What is our true role here? To help them or to burden them?” Rep. Lee questioned.
During the budget deliberations, Rep. Lee also urged the LTFRB to collaborate with his office to compel the Land Bank, DBP, and other government financial institutions to expedite the loan application process for modern jeepneys.
He emphasized that jeepney drivers or operators who earn around P500 to P750 per day cannot afford to purchase a modern jeepney worth over P2 million.
“We must keep in mind that the transport sector is not only a public service but, most importantly, a source of livelihood,” Rep. Lee stated.
In addition to streamlining the loan requirements, Rep. Lee advocated for the allocation of P1.8 billion for the PUV modernization program, which currently has zero funding for 2024.
“We need to understand that this modernization program is holistic and comprehensive. It does not end with just consolidating or buying new public utility vehicles or units,” the Bicolano representative explained.
