DBP president and chief executive officer Emmanuel G. Herbosa said a total of nine transport cooperatives and two corporations have benefitted from the bank’s Program Assistance to Support Alternative Driving Approaches (PASADA) Financing Program, in support of the National Government’s Public Utility Vehicle Modernization Program (PUVMP).
“DBP remains a reliable partner of the transportation sector in providing opportunities for drivers and operators to improve the current situation of our roads today,” Herbosa said.
DBP is the eight largest bank in the country with assets totaling P635.6-billion as of end-March this year. It provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.
The DBP PASADA Program is a special loan financing facility which was officially launched in September 2017 that caters to corporations and cooperatives registered with the Office of Transport Cooperatives (OTC) and participating in the pilot phase of the PUVMP.
The program covers qualified transport cooperatives and corporations that have been awarded or have been qualified to receive franchises by the Land Transportation Franchising and Regulatory Board (LTFRB) under the Omnibus Franchising Guidelines of the PUVMP.
Herbosa said the DBP PASADA Program promotes the ‘fleet management’ concept which organizes public transport services to provide a steady source of livelihood for drivers while ensuring a reliable, efficient, and safe means of transportation for the public.
He said DBP recently conducted a business forum attended by over 167 participants from transport cooperatives from the National Capital Region, Bulacan, Rizal Province, Cavite, Batangas, Quezon, and Laguna as well as PUV suppliers and manufacturers and automated fare collection system providers.
The forum, which was organized by DBP, also invited representatives from the Department of Transportation (DOTr), LTFRB, and OTC. It served as a venue to discuss roles and processes under the PUVMP and the DBP PASADA Program, he added.
“DBP is one with DOTr, LTFRB, and OTC in educating our partner drivers and operators on the PUVMP while dispelling misconceptions of the public about the intent of the program,” Herbosa said.