State-run banks LBP and DBP, the designated fund sources of loans for the proposed PUV modernization program, said prices of new PUVs should be reduced for the program to be viable for drivers.
State-run banks Landbank of the Philippines and Development Bank of the Philippines , the designated fund sources of loans for the proposed Public Utility Vehicle modernization program, said prices of new PUVs should be reduced for the program to be viable for drivers.
"Based on our initial study when we were involved in the conceptualization of this project, we found that operations of transport entities are to be viable if the cost is within P1.6 million to P1.8 million per unit. But now, the [modern] jeepney’s cost is P2.3 million to P2.8 million per unit. The viability is now questionable," David said.
"That is why it is very crucial that we put up a price ceiling for a PUV unit. Because no matter how much we infuse subsidy, no matter how much low the interest rate we give transport entities, that would be negated if the prices of new PUV units will pick up," David added.
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