State-run Development Bank of the Philippines, the eighth-largest lender in terms of assets, approved a total of P8.57 billion in the first half this year under its PASADA program as it actively participates in the government’s efforts to hasten the modernization of the transport sector.
PASADA, or the Program Assistance to Support Alternative Driving Approaches, is DBP’s flagship program for the modernization of the country’s transportation system and offers flexible and competitive financing options tailored to the unique needs of transport corporations and cooperatives accredited by the Office of the Transport Cooperatives.
It said in a statement Thursday that the total loan amount consisted of 104 accounts.
DBP recently granted a P367.72-million credit assistance to an Iloilo-based transport cooperative for the acquisition of 148 brand-new modern public utility jeepneys.
DBP president and chief executive Michael de Jesus said the credit support to Metro Iloilo Transport Service Cooperative under DBP’s PASADA program would finance the acquisition of Euro-compliant PUJs to be deployed to seven routes in Iloilo City.