The Department of Transportation (DOTr) will require nearly PHP1.2 billion to fund its Public Utility Vehicle Modernization Program (PUVMP), under which jeepneys will be converted into cleaner vehicles. The Land Transportation Franchising and Regulatory Board (LTFRB) is currently seeking a PHP64.2 billion fund that will cover 178,213 public utility vehicles across the Philippines.
AS of January 2023, the Land Bank of the Philippines (LANDBANK) had extended PHP6.9 billion in loans for the PUVMP initiative covering 3,124 vehicles. However, DOTr’s requested P788-million allocation for its programme under the government’s 2023 annual budget was rejected.
