State-owned Development Bank of the Philippines (DBP) has granted a P367.72-million credit assistance to an Iloilo-based transport cooperative for the acquisition of 148 brand new modern Public Utility Jeepneys (PUJs) as part of efforts to promote efficient, safer, and greener public transportation system in the province, a top official said.
DBP President and Chief Executive Officer Michael de Jesus said the credit support to Metro Iloilo Transport Service Cooperative (MITS Coop) under the bank’s Program Assistance to Support Alternative Driving Approaches (PASADA) would finance the acquisition of EURO-compliant PUJs to be deployed to seven routes in Iloilo City.
“DBP’s credit assistance to MITS Coop reflects our firm resolve to support the implementation of the National Government’s Public Utility Vehicle Modernization Program (PUMVP),” de Jesus said.
“This undertaking further fortifies DBP’s commitment to stimulate local businesses in the automobile industry and to contribute to the overall development of the transportation sector in the country.”
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.
MITS Coop is registered with the Cooperative Development Authority and was organized in line with the National Government’s jeepney modernization program. It has 627members comprised mainly of drivers, jeepney operators, and allied workers from various municipalities in Iloilo.
