The Development Bank of the Philippines (DBP) lent P367.7 million to an Iloilo-based transport cooperative to fund the group's push to build a fleet of 148 "modern jeepneys."

DBP president and CEO Michael de Jesus said a statement that the loan to Metro Iloilo Transport Service Cooperative or MITS Co-op was part of the state-run bank's efforts to promote efficient, safer and greener public transportation system in the province.

The funding support is being made through DBP's Program Assistance to Support Alternative Driving Approaches (Pasada), which is particularly designed to help in the modernization of the country's transportation system.

Through Pasada, DBP offers flexible and competitive financing options tailored to the unique needs of transport corporations and cooperatives that are accredited by the Office of the Transport Cooperatives.

MITS Co-op is also registered with the Cooperative Development Authority and has 627 members mainly of drivers, jeepney operators and allied workers from various towns in Iloilo.

For clean PUVs

The loan is intended to finance the acquisition of public utility jeepneys that are compliant with European vehicle emission standards. These units are expected to serve a total of 33,000 commuters in seven routes in Iloilo City.

"DBP's credit assistance to MITS Co-op reflects our firm resolve to support the implementation of the national government's Public Utility Vehicle Modernization Program," De Jesus said.

"This undertaking further fortifies DBP's commitment to stimulate local businesses in the automobile industry and to contribute to the overall development of the transportation sector in the country," he added.

The DBP CEO said further that the bank will continue to pursue partnerships that would bring far-reaching benefits to the lives of commuters, local businesses and the environment at large. INQ