00:00Public transport operators seeking government help to modernize their aging fleet finally got a huge lift earlier today with the LTFRB greenlighting their applications for financial aid by way of government's Expanded Equity Subsidy or EES.
00:15Our Bernard Ferrer fills us in with more details.
00:19Rashid waited for half an hour for a ride in their area in San Mateo, Rizal.
00:24It has been difficult to find transportation due to the large number of commuters traveling to Metro Manila.
00:31As a result, he often spends up to two hours on the road just to get to his school in Mandaluyong.
00:37Ang hirap sumakay kasi unti lang yung mga jeep na bumabiyahe tapos sobrang traffic pa sa San Mateo.
00:45Dapat ipapahinga ko na lang po, nasa biyay pa rin po ako.
00:48This is what the Land Transportation, Franchising and Regulatory Board or LTFRB aims to address.
00:54The agency has approved the applications of 25 transport cooperatives for subsidies to purchase modern jeepneys under the Public Transportation Modernization Program or PTMP.
01:06According to LTFRB Chairperson, Attorney Vigor Mendoza II, the approval of these applications spurred the President Ferdinand R. Marcus Jr.'s commitment to improve the country's public transportation system.
01:19The approved applications covers various areas across the country from Northern Luzon to Mindanao.
01:26This is under the government's Expanded Equity Subsidy or EES, which aims to help small operators purchase modern jeepneys.
01:34The EES allows the LTFRB, through the Department of Transportation, to partner with both private and public financial institutions.
01:42These institutions will support operators in acquiring modern jeepneys.
01:47Meanwhile, the Office for Transportation Cooperatives or OTC will also implement a recalibration program to strengthen the fiscal management of cooperatives.
01:56This will reduce their financial burden, ensuring that their monthly payments go toward the principal and not just the interest.
02:04Based on the OTC records, 86% of BUVs have already participated in the modernization program.
02:12Bernard Finan from the National TV Network for a new and better Philippines.
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