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PGMA Orders Special P500-M Soft Loan for Livelihood Projects of Drivers’ Families

Written by jeyzsonic on 17 July 2008

President Gloria Macapagal-Arroyo directed all government-owned and controlled corporations (GOCCs) and government financial institutions (GFIs) to draw up a P500-million special, easily accessible loan program for the livelihood projects of the families and relatives of drivers and conductors of public utility vehicles (PUVs).

The P.5-billion micro-financing assistance will be sourced from the value added tax (VAT) collected by the national government, she said.

The President also tasked Presidential Management Staff (PMS) Director General and Secretary Cerge Remonde to encourage private market financing institutions to draw up a similar market financing program for the families and relatives of the transport workers.

The President told the transport groups that once the guidelines for the special loan package are drawn by the GOCCs and GFIs, the wives and immediate family members of the PUB drivers and conductors can start filing their request for their loan.
She said the special accessible loan package is envisioned to uplift the living conditions of drivers and conductors of PUVs such as jeepneys, taxis, buses and FX; as an alternative way to increase their income to enable them to meet the daily needs of their families. (PIA/Bohol)

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