The Land Bank of the Philippines (LANDBANK) has delivered P1.1 billion worth of fuel subsidy to 190,130 public utility vehicle (PUV) drivers and operators as of 09 November 2023, as part of its continued support to the transport sector amid rising fuel prices.
Under the Fuel Subsidy Program of the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), LANDBANK has distributed subsidies to drivers and operators of public utility jeepneys and buses, taxis, and transportation network vehicle services (TNVS), among other qualified beneficiaries.
“LANDBANK is one with the National Government in extending timely and responsive assistance to the local transport sector. Rest assured that we are ramping up the delivery of fuel subsidy to support PUV drivers and operators nationwide,” said LANDBANK President and CEO Lynette V. Ortiz.
LANDBANK is closely coordinating with the DOTr and LTFRB for the immediate distribution of financial aid to a total of 1.36 million target beneficiaries under the Fuel Subsidy Program.
LTFRB is continuing to submit lists of qualified beneficiaries to LANDBANK, while the Bank is facilitating the crediting of fuel subsidies through the beneficiaries’ existing accounts in LANDBANK and other banks.
Under the Program, drivers and operators of modernized public utility jeepneys and utility van (UV) express units receive P10,000.00 each, while drivers and operators of traditional PUV and TNVS receive P6,500.00 each.
LANDBANK resumed the distribution of fuel subsidies to qualified PUV drivers under the Fuel Subsidy Program on 21 September 2023, after the Commission on Elections (COMELEC) approved the LTFRB’s request to exempt the Program from the election spending ban.