BDO Leasing to finance modern jeepneys

BDO Leasing and Finance Inc. has opened a loan facility to finance jeepneys under the government’s Public Utility Vehicle Modernization Program (PUVMP).

In an emailed statement, the company said it entered a loan agreement to finance modern public utility jeepneys (PUJs) in partnership with Transport Equipment Aggregator and Management Inc. (1-TEAM).

“BDO Leasing partnered with [1-TEAM], a company that manages and consolidates PUVs under a unified management system, to provide funding for five units of modern jeepneys or BEEP (Bagong Jeep),” the company noted.

1-TEAM is a fleet management company which has consolidated some 30 individual PUJs into a single fleet system. It also operates several public land transport services such as jeepneys, taxis, buses, and UV express vans.

Launched by the Department of Transportation (DOTr), the PUVMP seeks to modernize the PUJs plying the streets of the country.

The jeepneys financed by BDO are air-conditioned and powered by Euro IV-compliant diesel engines, similar in size to mini buses.

Each unit has a seating capacity of 24 passengers plus the driver, and will have a closed-circuit television camera (CCTV), a Global Positioning System (GPS), a dashboard camera, and an automated fare collection system.

The units were supplied by IKK Ichigan Inc., a former BDO Leasing client and current client of BDO commercial banking.

IKK Ichigan Inc. was registered with the Securities and Exchange Commission (SEC) in 2006 as importer and assembler of Jinbei China branded vehicles. —Jon Viktor Cabuenas/VDS, GMA News