PMJDOSI, 1-Team Sign Up as Pilot Availers of LANDBANK’s PUV Modernization Loan Program

Transport corporations 1 Transport Equipment Aggregator & Management, Inc. (1-TEAM) and PM Jeepney Drivers & Operators Services, Inc. (PMJDOSI) are the pilot availers of the LANDBANK’s recently launched lending program in support of the government’s PUV modernization program.

1-TEAM President Yuri Sarmiento and PMJDOSI President Roberto Martin signed the memorandum of agreement with LANDBANK President and CEO Alex Buenaventura to avail of loans under the LANDBANK Support Package for Environment-friendly and Efficiently-Driven PUVs or SPEED PUVs.

“We are very happy for these transport corporations’ trust in LANDBANK. We hope that this partnership will inspire more transport cooperatives and corporations to also allow LANDBANK to help them comply with the government’s modernization program,” said LANDBANK President and CEO Alex Buenaventura

Under the LANDBANK SPEED PUVs program, the Bank will help transport cooperatives and corporations acquire new PUV units compliant with the Philippine National Standard specifications set by the Department of Trade and Industry for PUV Class 2 and Class 3. LANDBANK will extend loans for up to 95% of the total acquisition cost of the unit to be financed, while the remaining 5% is the equity of the borrower. Loans are payable for up to seven years.

LANDBANK President and CEO Alex Buenaventura (4th from left) and PMJDOSI President Roberto Martin (center) led the signing of the memorandum of agreement as witnessed by senior officers from LANDBANK and PMJDOSI.

“We thank LANDBANK for trusting us to be one of the first availers of the SPEED PUVs lending facility. We will take it as a challenge to do well so we could show our commuting public that it really is about time that we modernize our public utility vehicles,” said PMJDOSI President Roberto Martin.

Eligible borrowers under the LANDBANK SPEED PUVs program are transport cooperatives or corporations with approved routes under the LTFRB Omnibus Franchising Guidelines; without pending case before LTRFB, with established and operating fleet management system, and has a suitable and managed garage.

Under the program, drivers will have a fixed salary and be entitled to benefits such as SSS and Philhealth. They will receive performance-based incentives equivalent to at least 10% of the entity’s gross income shared among drivers.

“We are grateful to LANDBANK because they are now investing in the improvement of our transport system. The industry is composed of all stakeholders from incorporators, drivers, to mechanics. All of them have to make a living, but it has to be a decent living,” said Yuri Sarmiento, president of 1-TEAM which has been running modern jeepneys since 2010 and was part of the technical working group that created the PUV Modernization Program.

For more information about the LANDBANK SPEED PUVs Program, interested transport cooperatives or corporations may call the Bank’s Lending Program Management Group at (02) 405-7509 or visit the nearest LANDBANK Lending Center.