LTFRB disburses over P9M in first batch of modern PUV subsidy

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. This subsidy is part of the government’s Public Utility Vehicle Modernization Program (PUVMP), which seeks to phase out old, dilapidated public transport vehicles and replace them with newer, more environmentally friendly, and safer models. The financial assistance aims to help PUV operators cope with the costs associated with modernizing their fleets, a process that has been challenging due to the high capital expenditure required. The LTFRB has committed to providing these subsidies on a monthly basis to ensure the continuous support for operators participating in the modernization program. The PUVMP is a flagship project of the Department of Transportation (DOTr) and is seen as vital for improving the country's public transportation system and addressing environmental concerns. Information source: Inquirer NewsInfo