The LandBank of the Philippines announced that it will be the primary bank for the disbursement of cash payments under the re-launched Service Contracting Program for public utility vehicle (PUV) operators.
In its statement on Thursday, the state-run bank said it has partnered with the Land Transportation Franchising and Regulatory Board (LTFRB) for the program.
With a program fund of P3 billion, the bank will facilitate the crediting of cash payments to eligible PUV operators through their existing LandBank accounts and other partner outlets.
Under the program, qualified PUV operators will receive the payouts weekly while providing free rides to frontline healthcare workers and Authorized Persons Outside Residence (APORs) to support their mobility requirements during the ongoing pandemic.
“We welcome this collaboration under the ‘Service Contracting Program Phase 2’ to deliver prompt financial assistance to PUV operators nationwide towards ensuring the efficient, safe and uninterrupted operations of public transportation under the new normal,” Landbank President and CEO Cecilia C. Borromeo was quoted in a statement as saying.
Borromeo added they “remain committed to advance the country’s transportation sector and provide the riding public safe, secure and convenient transport services in the new normal.”
As of August 2021, the bank has approved P2.32 billion in loans for the acquisition of 1,093 modern units under the “Special Package for Environment-Friendly and Efficiently-Driven PUVs” while another P4 billion is being processed for 43 additional loan applications.