Transport sector hails 'Arangkada Pasada'

MANILA, Philippines -  Transport leaders heaped praises on the P250-million “Arangkada Pasada” loan program of the Philippine Postal Savings Bank (PostalBank), describing its as “proof that the Aquino government is doing its best to alleviate their plight”.

Jacinto Alejandro, president of Cher Transport said transport organizations were about to lose hope, believing that the government is not looking after their condition due to the recent series of increase in oil prices.

“Now we are optimistic because of PostalBank’s program which is expected to give additional income to our families),” Alejandro said.

Highlight of the program was the signing of a memorandum of understanding between transport groups and PostalBank officials, led by president Cesar Sarino and Chairman Josie dela Cruz.

Sarino said the program is in line with the bank’s vision to promote entrepreneurship and widen economic opportunities for the Filipinos, especially the needy.

“We are determined to become the true development bank of the government by going to places where there are no banks and serve people who are not touched by banks,” he said.

Dela Cruz echoed Sarino’s statement, saying the program is timely and shall address the needs of public utility drivers and their families.

“I am confident that this program will help uplift the condition of our transport sector and their dependents,” Dela Cruz said.

The “Arangkada Pasada” is a P250-million loan program which can be availed of by industry stakeholders to start a new business or expand an existing one.

A transport cooperative, association or group may avail of loans up to P5,000,000 for re-lending to qualified member and/or for setting up or expansion of business activities benefiting its members. .

A maximum loan of P100,000 shall be given to legitimate members of the transport sector, with viable business proposals or are already operating profitable business endeavors, at the time of loan application. Loans should be backed up by acceptable collaterals under the bank lending guidelines.

The loan’s term shall be a minimum of one year or maximum of five years, depending on the borrower’s project requirements, cash flow, projected financial statement and security offered.