MODERNIZATION | LTFRB to issue alternative certificates to fast-track loan applications for cooperatives

May 16, 2023 , 02:25 PM

By Beatrice Puente

(May 16, 2023) – To ease the burden of cooperatives, the Land Transportation Franchising and Regulatory Board (LTFRB) on Tuesday said it approved the issuance of an alternative certificate needed for loan applications as part of the public utility vehicle modernization program (PUVMP).

LTFRB chairperson Teofilo Guadiz III said cooperatives can present the said document to government financial institutions (GFIs) when processing their loans for the purchase of modern PUVs.

“(It is) a temporary solution to fast-track the approval of their loan application, while providing GFIs the assurance of the viability of routes whose LPTRP (local public transport route plan) is still being processed and local government approval is still pending,” said Guadiz in a statement.

Under the PUVMP, cooperatives can seek loans from the Landbank of the Philippines and the Development Bank of the Philippines (DBP) to help finance their purchase of mini-buses and new public utility jeepneys (PUJs). But the absence of a finalized route plan may lengthen the process.

With the issuance of Memorandum Circular No. 2023-018, the LTFRB allows those who operate PUJ Classes 1, 2, 3, and 4 and UV Express Class 3 to avail of the alternative certificate. GFIs must submit the list of cooperatives applying for loan, indicating their routes, number and class of units, and vehicle type, among others.

“Kung kuwalipikado, maglalabas ang LTFRB ng alternative certificate at listahan ng mga nabigyan nito upang maging basehan ng mga GFI. Kung hindi naman kuwalipikado, aabisuhan ng ahensya ang bangko hinggil sa kasalukuyang status ng aplikasyon,” said the LTFRB in its media release.

Last March, the Landbank of the Philippines increased its total loan funding to P10 billion to cover more transportation cooperatives, according to a media release by the Philippine Information Agency (PIA).

“It directly supports that PUVMP by offering affordable financing to help transport cooperatives purchase modern PUJs,” according to the PIA. “Eligible borrowers may loan up to 95% of the PUJ’s total cost at an affordable rate of 6% per annum, payable based on cash flow but not to exceed a minimum of seven years.”

Meanwhile, the DBP has the PASADA program that seeks “to offer financing with favorable terms” to help cooperatives transition to modern vehicles more easily, setting a similar annual interest rate of 6%.

Last April, the LTFRB extended the deadline for drivers and operators to consolidate until the end of December. President Bongbong Marcos Jr. also ordered a review of the PUVMP following the strong opposition registered by transportation groups.

Guadiz expressed hope this latest move will help more cooperatives get funds to support their purchase of modern PUVs.

“Isa itong ‘win-win situation’ hindi lamang sa mga nag-consolidate na at sa mga GFI, kundi pati na rin sa mga hindi pa nagko-consolidate upang mapalapit tayo sa layunin na magkaroon ng isang modernong sistema ng pampublikong transportasyon sa ating bansa,” said Guadiz.

(PM)

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