DOTr seeks moratorium on loan interest payments for modern jeepney purchases

The Department of Transportation (DOTr) will request state-run lenders Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) to impose a moratorium on paying interests for loans availed by transport cooperatives to purchase modernized jeepney units.

“Susulatan ko na rin po ang Land Bank of the Philippines atsaka ang DBP para kahit papaano magkaroon tayo ng moratorium doon sa Public Utility Vehicle Modernization Program [PUVMP] sa pagbabayad po ng interest ng mga kinuhang modern na sasakyan ng ating mga operators,” Transportation Secretary Giovanni Lopez said in a news release on Thursday.

(I will also write to the Landbank of the Philippines and DBP so that, somehow, we can get a moratorium under the Public Utility Vehicle Modernization Program on the interest payments for the modern vehicles purchased by our operators.)

“At least makakatulong naman po ‘yan. Kumbaga mababawasan ang kanilang iniisip nitong pagtaas ng oil,” said Lopez.

(This could somehow help them. Sort of easing their worries amid the rising oil prices.)

The Transportation chief said the move was in line with President Ferdinand "Bongbong" Marcos Jr.’s directive to government agencies to ease the effects of renewed global crude price volatility.

Moreover, the DOTr and the Land Transportation Franchising and Regulatory Board (LTFRB) seek to expand the P10 per liter fuel discount program for PUV operators and drivers.

"Kasi if you will compute it, itong hinihingi na petition ngayon ng ating mga traditional at modern jeep, that's P300 and P500 additional na kita kapag pinagbigyan natin. Ngayon kapag ito ba binigay natin 'yung supposed na hinihingi nilang kita, ilalagay natin sa fuel discount, if we can add more amount or mas malaking amount o mas madaming litro baka naman ma-offset na kahit papano. Pero ang bottom line dito we protected the commuters. Targeted yung approach natin at least po we maintain the inflation kahit papaano,” said Lopez.

(Because if you compute it, this petition currently being asked by our traditional and modern jeepneys would mean an additional income of P300 and P500 for them if we grant it. Now, if instead of granting their requested additional income through fare hikes, we put that into a fuel discount—if we can add a higher amount or more liters of fuel—maybe that could offset it somehow. But the bottom line here is that we protected the commuters. Our approach is targeted, so at least we can keep inflation under control to some extent.)

Under the ongoing P10 per liter fuel discount program, qualified PUV and UV Express drivers and operators could save at least P1,500 from an an estimated purchase of about 150 liters of fuel in a week, according to the DOTr. — BM, GMA News