BDO Leasing to Finance Modern PUJs
BEEP BEEP. We’ll soon be seeing modern jeepneys on the streets. In support of the jeepney modernization program of the government the BDO Leasing and Finance, Inc. (BDOLF) became the first privately-owned financial institution in the country to finance modern public utility jeepneys (PUJs).
A subsidiary of BDO Unibank that caters to the leasing and financing market, BDOLF entered into a loan agreement to finance modern PUJs called Bagong Jeep or BEEP. Partnering with Transport Equipment Aggregator and Management, Inc. (1-TEAM), a company that manages and consolidates PUVs under a unified management system, they will soon roll out five BEEP units. As of now, Landbank of the Philippines and Development Bank of the Philippines are the only two banks that have allocated funding specifically for the jeepney modernization program.
Under the program, the government plans to replace all old PUJs aged 15 years or older with environment-friendly jeepneys that have safety features to promote safer and more environment-friendly transport options. Based on an initial study done by the Land Transportation Franchising and Regulatory Board (LTFRB), around 180,000 jeepneys nationwide face replacement under the program.
‘Bagong Jeep’ or BEEP will soon ply the Metro Manila route—and eventually the rest of the country
Each BEEP unit is air-conditioned and powered by a Euro IV compliant diesel engine. With a size almost as big as a minibus, each BEEP unit will also have a seating capacity of 24 passengers plus driver and will have various safety features such as a speed limiter, closed-circuit television camera, Global Positioning System, dashboard camera, and outfitted with an automated fare collection system.
The units shall be deployed to various SM Mall Terminals to provide public utility jeepney shuttle service. At present, a number of PUJ units of 1-TEAM are already providing shuttle services from SM Mall Terminals to various endpoints. Among these terminals are SM City Baguio, SM City Clark, SM City Marikina, SM City Sta. Mesa and SM City Fairview.
This is a press release.
