The Land Transportation Franchising and Regulatory Board (LTFRB) on Thursday vowed to ‘fully implement’ the Public Transport Modernization Program (PTMP), despite delays.
‘We remain focused on our mandate, which is to guarantee the unimpeded implementation of the PTMP,’ LTFRB Chairperson Atty. Teofilo Gaudiz III was quoted in a statement.
Gaudiz also shared that the LTFRB is seeking financial assistance from government institutions to cover the loan obligations of modernized jeepney operators.
‘We have been seeking dialogue with our partner government financing institutions to assist modernized jeepney fleets to meet their loan obligations under the PTMP,’ he said.
He then assured that the agency goes through a ‘thorough technical, legal, and financial evaluation’ for the transport groups and commuters.
Former Transport Secretary Vince Dizon said in June 2025 that the PTMP was ‘not viable’ due to the inability of those who purchased the modern jeeps to pay their loans.
By June 2025, the government is expected to have released loans of up to P15 billion through the Land Bank of the Philippines and the Development Bank of the Philippines, with over P5 billion still outstanding.
Dizon also stated that the program involves ‘a lot of problems,’ but asserted that it will push through.
A special committee was formed in April 2025 to review the government’s modernization program for public utility vehicles, aiming to expedite its implementation.