transport system. We stand ready to assist more transport cooperatives and corporations nationwide to make the shift to safer and more efficient vehicles,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.
LANDBANK’s financing for the purchase of modern jeepneys will also provide a sustainable source of income to over 700 operators and driver members of WVTC, who were previously at risk of losing employment with the planned phaseout of old jeepneys.
“Nagpapasalamat kami sa LANDBANK sa tiwala at tulong nito sa aming kooperatiba. Pumupunta sila sa aming opisina at talagang ginagabayan kami para matapos ang mga loan requirements. Sana magpatuloy pa ang tulong sa amin ng LANDBANK upang patuloy naming maserbisyuhan ang mga commuters sa Iloilo City,” said WVTC Chairman Parcon.
The WVTC was formed in 2017 to comply with the Department of Transportation’s (DOTr) order to convert various associations of operators and drivers into a cooperative to operate modern PUJs.
Formed in 2017, the WVTC was granted a franchise by the Land Transportation Franchising and Regulatory Board (LTFRB) to operate more than 550 units plying 13 routes in Iloilo City.
They also plan to seek LANDBANK’s assistance again to fund its remaining approved units.
Meanwhile, WVTC’s modern jeepneys are financed under the LANDBANK SPEED PUV or Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles Program, which directly supports the Public Utility Vehicle Modernization Program (PUVMP) spearheaded by the DOTr and LTFRB.
As of December 31, 2022, LANDBANK has approved P6.3 billion worth of loans to a total of 138 transport cooperatives and corporations nationwide under the Program for the acquisition of over 2,860 modern jeepneys.
Of this number, the Bank has extended P751.2 million to 10 borrowers from Iloilo to finance a total of 334 units. (JBG/FRG/PIA6/Story and photo from LANDBANK)
