AN OFFICIAL of the Land Transportation Franchising and Regulatory Board (LTFRB) in Northern Mindanao said the franchise of jeepneys aged 15 years or older may be extended if their bank loans for the modern vehicles are not yet approved.
LTFRB-Northern Mindanao director Aminoden Guro said the franchise may be extended within a year provided that the jeepney passes the motor vehicle inspection system of the Land Transportation Office (LTO).
"Kung dili pa maaprove ilang loan sa bangko ug walay supply sa modernize jeep, pwede pa ma-extend ilang franchise within a year provided nga road worthy ang sakyanan," Guro said.
Under the Public Utility Vehicle Modernization Program (PUVMP), operators may acquire the modern vehicles through a loan from partner banks.
Guro has urged operators to form cooperatives before June 30, as LTFRB will no longer accept single operator but single juridical entity, which means operators must form either a corporation or cooperative.
He said the LTFRB-Northern Mindanao has already approved 46 cooperatives in the region.
Guro also said once the operator surrenders an old jeepney, the government will pay P80,000 as a form of subsidy in purchasing the new vehicle.
LTFRB-Central Office Technical Division Chief Joel Bolano said the government has a scrapping program for the surrendered old jeepneys.
He said the government is undergoing a Memorandum of Agreement with a group of scrapping facilities.
"Yung mga sasakyan that will be phased out dahil di pumasa sa LTO (Land Transportation Office) even for private purposes automatic scrap natin yan. Di natin hahayaan tumakbo yan sa kalsada at we will ask LTO to block the registration baka kasi i-recycle," Bolano said.
Guro said around 12,000 jeepneys are plying in the region. He said about 6,500 are in Cagayan de Oro and 90 percent of this aged 15 years or older.