Panay transport groups grateful for Project DRIVE
The different transport groups in Panay said they were grateful for Project DRIVE, a no interest, no collateral financing assistance from the national government.
Project DRIVE, which stands for Dagdag Regular Income Via Entrepreneurship, was launched April 29 this city, by the collaborating agencies led by the Philippine Postal Savings bank, Inc., Land Transportation Franchising Regulatory Board, and the Department of Transportation and Communication through the Land Transportation Office and the Philippine Ports Authority, and the Presidential Management Staff.
The launching was attended by more than 100 members and officers of the different drivers’ associations in Panay island, more than the number expected by Postal Bank as lead convenor.
Project DRIVE is a Micro-Finance program for the spouses and immediate family members of drivers and conductors of public utility vehicles which are members of drivers’ associations or cooperatives.
Postal Bank First Vice President Leonardo Cruz said DRIVE is the Arroyo government’s response to the unpredictable increase in the price of oil, which often hit the transport sector and their families.
Project DRIVE is funded in the amount of P500 million sourced from the additional VAT revenues which President Arroyo ordered released July last year, and now with the Philippine Postal Bank ready for release to qualified recipients.
Postal Bank-Iloilo Senior Manager Alfredo Tayo III said the bank is responsible for managing the fund, while the LTFRB shall be responsible for the eligible beneficiaries from transport cooperatives and associations.
Tayo said the requirements for availment of the financial assistance are the standard documents for every associations, which are easy to comply with by the associations.
He also said that the amount of P5,000 per beneficiary serves as seed money which can be of big help to drivers’ spouses or family members who are already engaged in small livelihood activities.
A maximum of P150,000 for 30 beneficiaries can also be pooled together for a bigger entrepreneurial activity, run by the association.
Tayo said there is no limit as to the number of beneficiaries in localities where there are only a few number of drivers’ associations.
Presidents of drivers’ associations said they are particularly thankful for the chance to avail of financial assistance without interest or collateral.
Tayo said this is also the first time that government is giving micro-financing assistance without interest because President Arroyo understands the plight of the transport sector. (PIA6/ESS)