MANILA — The Land Transportation Franchising and Regulatory Board (LTFRB) on Tuesday said it has agreed to expand the guidelines for jeepney drivers and operators to shift to modern vehicles after a consultation with stakeholders.

“Pinalawig po iyong timeline ng pagpapalit ng bagong unit, kasama na rin po doon iyong sa pagbabago ng distance policy ng bawat ruta na isasama po doon sa modernization,” said Joel Bolano, head of LTFRB’s Technical Division.

“Iyon pong mga mekanismo ng pag-avail ng mga financial assistance coming from our government para po sa kanilang loans ng kanilang mga sasakyan ay napag-usapan ho iyon at kasama na rin po iyong kaunting mga pagbabago sa policy guidelines ng consolidation na magtatapos nga po nitong taong na ito,” he told state television PTV.

The deadline for the industry consolidation is still on December 31, 2023, he said.

But the equity subsidy of P160,000 has been raised to at least P210,000, he said.

“Para ho matulungan iyong ating mga transport group o iyon ating mga transport cooperatives and corporation na mas madali pong maka-avail ng kanilang loans para iyong equity nila na kailangang ibigay sa ating mga bangko ay hindi na ho manggagaling sa kanila,” Bolano said.

“Kumbaga kahit tumaas man ng kaunti iyong presyo ay mako-cover pa rin noong equity na ito na ibinigay po ng ating pamahalaan,” he said.

The subsidies may be availed either from the Landbank or the Development Bank of the Philippines.

“Kung qualified po sila, iyong kanila pong routes ay qualified for the loans ay once na na-approve ho ito at nabigyan po ng provisional authority or franchise na po iyong kanilang mga unit ay ire-release po iyong equity subsidy doon po sa ating cooperative or corporation,” the LTFRB official said.

Full details on the consolidation, guidelines and subsidies have been posted on the LTFRB’s website, he said.