Philippines : DBP to provide PHP1.5-B finance facility for DOTrs PUV Modernization Program.
The Development Bank of the Philippines (DBP) will provide a PHP1.5 billion finance facility for the initial implementation of the Department of Transportations (DOTr) Public Utility Vehicle Modernization Program (PUVMP).
With this, Transportation Secretary Arthur Tugade is set to sign on Monday, September 11, a Memorandum of Understanding (MOU) with DBP Chairman Alberto Romulo to jumpstart the realization of the PUVMP, which does not only aim to modernize PUV operations in the country, but also to professionalize the public road transport sector.
To assist the government in implementing the PUVMP, DBP developed the Program Assistance to Support Alternative Driving Approaches (PASADA) which will offer responsive and reasonable financing for transport corporations and cooperatives to allow them to acquire new and passenger safe PUVs.
The DBP shall also assist the DOTr in the design, development and implementation of an automatic fare collection system (AFCS) for the public road transport sector.
Under the MOU, the DBP shall advise and assist the DOTr in developing a financing program for the PUVMP. It shall also make available loans to finance the acquisition of new PUVs to qualified prospective borrowers.
Transport cooperatives and corporations, registered with the Office of the Transport Cooperatives, can avail of the DBP PASADA and participate in the pilot phase of the program, which will finance purchase of public utility jeepneys, buses, mini buses, and utility vehicle express units.
Loan proceeds may also be used for the acquisition or construction or support facilities like off-street garage/terminal and purchase of equipment needed for the proper operations and maintenance of the PUVs.
The DOTr, under the leadership of Secretary Tugade, launched the PUVMP to help the public road transport sector to transition to a high-quality public transport system with greater capacity, environment-friendly low carbon emissions, and efficient operations via modernization of vehicles.
[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 12, 2017|
|Previous Article:||United States : Positive results from pioneering Salford Lung Study in asthma published in The Lancet, and presented at European Respiratory Congress.|
|Next Article:||United States : Applied Systems Announces Minority Investment by Stone Point Capital.|