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The Government's Public Utility Modernization Program (PUVMP) is a dynamic program that goes through changes to be more responsive to the development and needs of the sector. The program enhancements were brought forth to achieve its alignment with the latest developments in the modernization of both public marine and land transportations.

OBJECTIVES

The program aims to:

1. Harmonize LANDBANK financing requirements with the Department of Transportation (DOTr)/Land Transportation Franchising and Regulatory Board (LTFRB)/Land Transportation Office (LTO)/ Maritime Industry Authority (MARINA)'s regulatory requirements resulting from the streamlined process of acquiring essential documents leading to the award of franchise; and

2. Become more accessible for start-up transport entities by easing the capital requirements under the LANDBANK SPEED PUV.

ELIGIBLE BORROWERS

Public Transport Cooperatives or Corporations with approved routes under the LTFRB Omnibus Franchising Guidelines (OFG).

ELIGIBILITY REQUIREMENTS

1. Registered with the Cooperative Development Authority (CDA) or the Securities and Exchange Commission (SEC)
2. Transport entity must submit a receiving copy of their LTFRB Application to Operate PUV under the PUVMP

ELIGIBLE LOAN PURPOSE

Purchase of PUV that comply with the standards set under the Philippine National Standards (PNS)

LOAN FEATURES

DOCUMENTARY REQUIREMENTS

1. 1. Pre-processing
2. 1. 1. Certified true copy of Cooperative/Corporate registration papers CDA/SEC;
      2. Transport Entity's Board Resolution;
      3. Copy of Bureau of Internal Revenue (BIR) registration with Tax Identification Number (TIN) and Social Security System (SSS) registration;
      4. Certified list of officers, directors, shareholders and their shareholdings with attached resume including bank dealings and photocopies of TINs;
      5. Audited Financial Statements (FS) - if already existing and operating during the past years; and
      6. Location plan/ vicinity map and pictures of the garage.
          
3. 2. Pre-release
4. 1. 1. Submission of LTFRB Documents:
         1. For Developmental Routes:

• Notice of Selection that the transport entity has been pre-qualified for the issuance of a new Certificate of Public Convenience (CPC)

1. 1. 1. 2. For Existing Routes:

• Certificate of Consolidation of Franchise or

• Certificate of Franchise Verification

1. 1. 2. A suitable and managed garage, owned or leased, that can accommodate "X" number of PUV units operated by the transport entity. A lease agreement must be continuously in effect while the loan is outstanding.
      3. Certification from the supplier that the vehicles to be purchased are compliant with the standards set under PNS.
          
2. 3. Post-release
3. 1. 1. authenticated copy of the LTFRB Provisional Authority to Operate PUV not later than 5 working days after issuance of such by the LTFRB
      2. authenticated copy of the CPC not later than 5 working days after issuance of such by the LTFRB
      3. original copies of LTO Certificate of Registration and Official Receipt (OR) registered in the name of the transport entity within ten (10) working days from loan release
      4. Registered Chattel Mortgage on the vehicle within ten (10) working days from loan release
      5. Comprehensive insurance coverage of financed PUVs duly endorsed in favor of LANDBANK within ten (10) working days from loan release
      6. Copy of the Vehicle Maintenance Agreement with the vehicle supplier or a third party covering the PUV's maintenance and repair based on the vehicle's Periodic Maintenance Schedule (PMS); Said contract should be continuing while the loan is outstanding.

Other Conditions

1. Any change/s to the specifications of the unit-vehicle may be allowed provided LANDBANK is notified of the said change/s and that the cost shall not exceed the approved amount.
2. Submission and compliance to the standard LANDBANK credit/legal documentation requirements.