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Press Release POE: REDUCE PUV MODERNIZATION LOAN INTEREST TO 4% Sen. Grace Poe urged the Land Transportation Franchising and Regulatory Board (LTFRB), Land Bank of the Philippines and the Development Bank of the Philippines (DBP) to further reduce the interest rate on public utility vehicle (PUV) modernization loans to four percent from six percent to lessen the financial burden of operators and drivers. "If we want to really help our public transport sector transition to PUV modernization, all support must be extended to our operators and drivers who have been among the hardest hit by the pa...

Sen. Grace Poe (FACEBOOK / FILE PHOTO) “If we want to really help our public transport sector transition to PUV modernization, all support must be extended to our operators and drivers who have been among the hardest hit by the pandemic,” Poe, chairperson of the Senate public services committee, said in a statement. Under the PUV Modernization Program (PUVMP), jeepney operators may borrow money from the Land Bank of the Philippines and the Development Bank of the Philippines (DBP) to purchase the new jeepneys at an interest rate of six percent, which is payable for up to seven years. Mod...