Manila: Sixteen transport service entities (TSEs) on Wednesday received the first batch of monthly financial assistance from the Land Transportation Franchising and Regulatory Board (LTFRB) to help modern public utility vehicle (PUV) operators cope with rising operational costs. In a statement, acting LTFRB chairperson Greg Pua Jr. said 16 cheques worth PHP9.08 million were distributed to TSEs nationwide.
According to Philippines News Agency, this initial distribution is part of a broader financial assistance program spearheaded by the national government. "This is just the first batch of the release of the financial assistance from the national government. There will be more in the coming days for the operators of modern PUVs who are either having difficulty paying the loan for their unit, or making ends meet due to rising operational costs," Pua said. The LTFRB will also deposit the financial assistance into the accounts provided by the TSEs.
The assistance was approved following President Ferdinand R. Marcos Jr.'s directive to look after the welfare of those in the public transport sector amid the security situation in the Middle East. Under the guidelines, registered and accredited TSEs will receive a fixed amount of PHP20,000 per modern PUV unit for monthly amortization payments to settle existing loans. Operators who have already paid for their units may still avail of the PHP20,000 assistance and use the fund for operational expenses.
The monthly financial assistance will run for three months beginning September, or until the funds intended for the aid have been fully utilized. The program aims to prevent asset foreclosure and credit default by providing direct cash flow support for monthly debt service obligations, as well as to ensure the operational continuity of PUV services in the interest of commuters.
The assistance covers modern jeepneys and UV Express nationwide, as well as modern buses operating in Metro Manila. The LTFRB also noted the existing PHP12 per liter fuel discount for passenger jeepney and UV Express operators nationwide. This comes after the President also approved a PHP5,000 cash subsidy for PUV operators earlier this year, among other financial and livelihood assistance for transport workers amid the continuing volatility of global oil prices.
