The Jeepney Phase-out is a significant revision to the way PUV franchises are awarded and routes are set up. The Jeepney Phaseout is really a small portion of the PUV Modernization strategy as a whole. It is a program with several stages, starting with the phase-out of outdated vehicles that are no longer safe to drive and compliant with emissions regulations, followed by an examination and reorganization of the routes, franchises, and roles of the involved vehicles, and finally the introduction of new systems and standards for vehicles that will serve the general public. It aims to reduce the large variety of public utility vehicles into just four identical classes. In order to be awarded a franchise, drivers and operators must set up cooperatives or businesses and register with the LTFRB. At least 15 PUV units must be present in each cooperative. Even a financing plan, known as 5-6-7-8, has been devised by the government. It includes a P80,000 per unit subsidy, a 5-percent down payment, a 6-percent interest rate, and 7 years to pay it off.
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