LTFRB releases first batch of monthly subsidy to modern PUV operators

MANILA, Philippines — The Land Transportation Franchising and Regulatory Board (LTFRB) on Wednesday said it already released the first batch of monthly financial assistance to modern public utility vehicle (PUV) operators amounting to over P9 million. 

According to the LTFRB, 16 cheques worth P9,080,000 were issued to 16 Transport Service Entities (TSEs) across the country. 

READ: DOTr: PTMP participants to get P20,000 subsidy for amortization

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“Based on the guidelines released by the LTFRB, registered and accredited TSEs will be provided a fixed amount of P20,000 for monthly amortization payments to settle existing loans for each modern PUV unit that had been acquired from the beginning of the program until the effectivity of the order,” the LTFRB said in a press release. 

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The LTFRB noted that the accredited operators of the TSEis complied with the Public Transportation Modernization Program (PTMP) amid concerns of rising operational costs for PUVs. The monthly financial assistance also aims to improve the public transportation in the country. 

READ: LTFRB revives fixed pickup rates for ride-app services

LTFRB Acting Chairperson Greg Pua also said that those who already paid their units can still avail the P20,000 monthly amortization by using the fund for operational expenses. 

“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 in the same press release. 

The provision of P20,000 subsidy was first announced by Transport Secretary Giovanni Lopez last August, noting that his agency has P1.5 billion funds under the PTMP. /jpv