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LandBank opens P3-B line for bus operators

The Land Bank of the Philippines (LandBank) is lending  P3 billion to  bus operators who are modernizing their fleets.

The state bank aptly dubbed its new borrowing facility “I-RESCUE for BUS Transport” (Interim REhabilitationSupport to Cushion Unfavorably-affected Enterprises by Covid-19 for Better Urban Services Transport) Lending Program. 

I-RESCUE targets public transport cooperatives and corporations  purchasing modern public utility buses (PUBs) under the Metro Manila Bus Modernization Program of the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB). 

“The I-RESCUE for BUS Transport Lending Program offers responsive financing to PUB operators to invest in new buses equipped with the latest innovative technology,” announced LANDBANK President and CEO Cecilia C. Borromeo.

“This also forms part of LandBank’s support to the DOTr and LTFRB towards building a modernized transport system that provides commuters with safe, reliable, and convenient transportation services,” she elaborated.

Qualified enterprises may borrow up to eighty percent of the acquisition cost of their PUB, at an affordable fixed interest rate of 5% per annum for the first three years—payable up to a maximum of seven  years, inclusive of the two-year grace period on the  principal.

The DOTr launched the Public Utility Vehicle Modernization Program in 2017.

Its goal is to make the country’s public transportation system efficient and environmentally friendly. 

The program calls for phasing out, not just buses, but also jeepneys and other public utility vehicles that are at least 15 years old, replacing them with safer, more comfortable, and more environmentally-friendly alternatives.

The I-RESCUE for BUS Transport Lending Program is available until December 31, 2021.


Source: Manila Bulletin (https://mb.com.ph/2020/09/08/landbank-opens-p3-b-line-for-bus-operators/?utm_source=rss&utm_medium=rss&utm_campaign=landbank-opens-p3-b-line-for-bus-operators)

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