BDOLF to finance modern jeeps

BDO Leasing and Finance, Inc. (BDOLF), a subsidiary of BDO Unibank that caters to the leasing and financing market, became the first privately-owned financial institution in the country to enter into a loan agreement to finance modern public utility jeepneys (PUJs), in connection with the jeepney modernization program of the government.

Currently, 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 this 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 jeepeys nationwide face replacement under the program.

BDOLF partnered with Transport Equipment Aggregator and Management, Inc. (1-TEAM), a company that manages and consolidates PUVs under a unified management system, to provide funding for five units of modern jeepneys or BEEP (shortened name for Bagong Jeep).

Incidentally, the BEEPs will be supplied by IKK Ichigan, Inc., a former BDOLF client and an existing BDO commercial banking client.

1-TEAM is the first and only fleet management company in the country to consolidate around 30 individual PUJs under a single fleet system. Its services include the provision of logistical support, manpower selection and training, equipment repair and maintenance, and the operation of public land transport services such as but not limited to, jeepneys, taxis, buses and UV express vans.

Each BEEP unit is air-conditioned and powered by a Euro IV compliant diesel engine. With a size almost as big as a mini bus, each BEEP unit will also have a seating capacity of 24 passengers plus driver and will be 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 will be deployed to various SM Mall Terminals to provide public utility jeepney shuttle service. /