DBP assistance for PUV modernization reaches P753-M

P ovincial News DBP assistance for PUV modernization reaches P753-M

SURIGAO CITY, Surigao del Norte - State-owned Development Bank of the Philippines (DBP) has released more than P753 million in loans under a specialized loan financing program that aims to help transport corporations and cooperatives acquire modern and environment-friendly jeepney units, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said a total of 53 transport cooperatives have availed of the funding support under the Bank’s Program Assistance to Support Alternative Driving Approaches (DBP PASADA) initiative, which was conceived in 2017 to support the National Government’s Public Utility Vehicle Modernization Program (PUVMP). “DBP’s financial assistance reflects our strong and firm commitment to the government’s PUV modernization program. We are one with the public’s desire for a reliable, efficient and safe public transportation,” Herbosa said. DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.