THE Land Bank of the Philippines (LandBank) announced last Wednesday it has delivered P1.1-billion worth of fuel subsidy to 190,130 public utility vehicle (PUV) drivers and operators as of November 9, as part of its continued support to the transport sector amid rising fuel prices.
Under the fuel subsidy program of the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), Landbank has distributed subsidies to drivers and operators of public utility jeepneys and buses, taxis, and transportation network vehicle services (TNVS), among other qualified beneficiaries.
“LandBank is one with the National Government in extending timely and responsive assistance to the local transport sector. Rest assured that we are ramping up the delivery of fuel subsidy to support PUV drivers and operators nationwide,” LandBank President and CEO Lynette V. Ortiz was quoted in a statement as saying.
The state-run lender said it is closely coordinating with the DOTr and LTFRB for the immediate distribution of financial aid to a total of 1.36 million target beneficiaries under the fuel subsidy program.
The LTFRB is continuing to submit lists of qualified beneficiaries to LandBank, while the Bank is facilitating the crediting of fuel subsidies through the beneficiaries’ existing accounts in Landbank and other banks, according to the lender.
Under the program, drivers and operators of modernized public utility jeepneys and utility van express units receive P10,000 each, while drivers and operators of traditional PUV and TNVS receive P6,500 each.
LandBank said it resumed the distribution of fuel subsidies to qualified PUV drivers under the fuel subsidy program on September 21, after the Commission on Elections approved the LTFRB’s request to exempt the program from the election spending ban.