LANDBANK grants P2.1-B in loans for jeepney modernization in 2021

The Land Bank of the Philippines (LANDBANK) approved loans amounting to P2.11 billion in loans from January to December 2021 to assist 78 public transport operators purchase 810 brand-new and modern public utility jeepneys (PUJs).

The loans were approved under the LANDBANK SPEED-PUV (Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles) Loan Program, which are 177% higher than the P1.19 billion in the same period the previous year.

As of 31 December 2021, LANDBANK has green-lighted a total of P3.79 billion to 39 borrowers for the purchase of 1,619 modern jeepneys under the SPEED-PUV Program, which was launched in 2019.

“The SPEED-PUV Program forms part of LANDBANK’s continued partnership with the National Government to advance the country’s transport system, help protect the environment, and enhance the overall riding experience of the public,” said LANDBANK President and CEO Cecilia C. Borromeo.

The SPEED-PUV Program–in partnership with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB)– offers affordable financing to public transport cooperatives or corporations with DOTr-assigned routes, in shifting to more energy-efficient, environment-friendly, convenient, and safer vehicles in support of the Public Utility Vehicles Modernization Program (PUVMP).

Eligible borrowers for the SPEED PUV Program may loan up to 95% of the PUJ’s total cost at an affordable interest rate of 6% per annum, payable based on cash flow but not to exceed a maximum of seven (7) years.

Interested borrowers may contact the nearest open LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000.