Landbank extends P30-M loan to transport coop

Another P30-million loan was approved by the Land Bank of the Philippines for a transport cooperative in Mindanao making the shift to modernized jeepneys, which transport regulators see as “confidence” in its public utility vehicle modernization program despite its moving targets and laxer deadlines.

Last month, the Department of Transportation said Royal Developer Consortium Transport Service Cooperative was granted the multimillion loan to fund its acquisition of 15 new Euro-4 standard jeepney units, which will run in Iligan City, Lanao del Norte.

The acquisition marks the first time the city will be graced by modern jeepneys, according to the Land Transportation Franchising and Regulatory Board. —Krixia Subingsubing