Albay extends P1.065-M for transport organizations' development assistance
by MD Rama
Legazpi City (11 June) -- For less than a year of its implementation, the Provincial Government of Albay, through the Albay Millennium Development Goal Office (AMDGO), has released the total amount of P1.065 million to nine transport cooperatives and associations for the Expanded Transport Organizations' Development Assistance or E-TODA program.
As of May, this year, 213 members of various transport organizations in the province have already availed of the benefits of micro financing program for transport service providers.
ODA is a government program with Philippine Postal Savings Bank, Department of Transportation and Communication (DOTC) and its attached agencies in partnership with the provincial government of Albay," Governor Joey Salceda told local media here.
He explained that the program started last year to provide safety net to public transport cooperatives, association or groups as a result of unpredictable oil price movements as well as the adverse effects of the global financial crisis through the establishment of financial facility easily accessible to eligible beneficiaries through self-managed micro enterprises to augment their family income.
"This is a no interest, no collateral capital assistance to beneficiaries," Salceda said.
Raymund Salire, AMDO project development officer, said as of this month, there are five more transport groups with pending applications to the PPSB Manila office.
"The application and requirement of remaining five transport groups are now on process and expected to be approved before end of June," he said.
For Albay alone, Salire said, the PPSB has established a P50-million loan line for E-TODA.
"The P1.065 million released to approve loan to various transport groups is part of the P50-million fund granted to the province," he said. (PNA Bicol) [top]