State-owned Development Bank of the Philippines (DBP) has granted a P152.1-million credit assistance to a Batangas-based transport cooperative for the acquisition of 85 modern Public Utility Jeepney (PUJs) units, to promote sustainable transport system in the province, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that the loan to Batangas Transport Cooperative (BATRASCO) under the Bank’s Program Assistance to Support Alternative Driving Approaches (PASADA) would finance the cooperative’s first batch of modernized public utility vehicles (PUVs) that would be deployed in six towns of Batangas which ranks as the 7th most populous province in the country.
“Our tie-up with BATRASCO further strengthens our longstanding commitment toward the improvement of the country’s transport system that will promote convenience and ensure the safety of the riding public,” Herbosa said.
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
BATRASCO is a duly registered cooperative managed by land transport officers with more than ten years of experience in the industry. It has more than 2,000 members, most of whom are based in Batangas.
The PASADA is DBP’s flagship program to modernize the country’s transport system that offers financing for the acquisition of brand-new and energy-efficient public transport vehicles as well as the provision of support facilities to transport corporations and cooperatives at favorable terms and conditions.
DBP Senior Vice President and Head of Lending Program and Management Group Carolyn I. Olfindo said that BATRASCO is the first transport cooperative in Batangas to have an approved loan with the Bank following the issuance of its Local Public Transport Route Plan, which includes seven routes in highly populated areas of the province.
She said the modern PUVs financed by DBP would serve the travel needs of the riding public especially those in the cities of Lipa and Batangas and the municipalities of Mataas Na Kahoy, Rosario, San Juan, and Bauan.
“As of end of September 2022, DBP has approved 98 accounts under the PASADA with a total loan amount of P7.56-billion, as the Bank continues to explore ways to find sustainable solutions to hasten the modernization of the transport sector,” Olfindo said.