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PIA Press Release

PGMA awards P1.8-M to PUV cooperatives

Manila (20 November) -- It was an early Christmas for some 200,000 spouses and members of the immediate families of member-drivers/conductors of 10 Metro Manila transport cooperatives when President Gloria Macapagal-Arroyo awarded yesterday morning a total of P1.8 million as capital assistance for them to set up small businesses.

The President, assisted by Presidential Management Staff Head Cerge Remonde and Transportation and Communication Secretary Leandro Mendoza, led the awarding of eight checks worth P150,000 each and two checks worth P300,000 each at the official launching this morning of Project DRIVE or "Dagdag Regular Income Via Entrepreneurship" at the Heroes Hall in Malacaņang.

The Kamias Transport Service Cooperative, Pangkabuhayan Transport Service and Multi-Purpose Cooperative, Metro San Jose Transport Cooperative, Good Concept Transport Service Cooperative, Commonwealth Transport Service and Development Cooperative, Original Transport Service and Multi-Purpose Cooperative, Cazanova Transport Service Cooperative and GNAT Transport Service and Multi-Purpose Cooperative each received a P150,000 check.

The GMA Transport Service and Multi-Purpose Cooperative and GSIS Village Transport Service Cooperative each received a P300,000 check due to their large membership.

The "no interest, no collateral" capital assistance program that stands to benefit some 510,000 target beneficiaries nationwide is part of the government's microfinancing program that has so far benefited some 6.7 million small and medium enterprises and created some 2.4 million new jobs.

The microfinance program is one of the programs being implemented by the Arroyo administration to eradicate poverty through entrepreneurship and improve the lives of the people.

Project DRIVE was the offshoot of the President's pronouncement during the forum on Alternative Fuels for Public Transport Group held last July 16, 2008, where she announced the release of P500 million from VAT revenues to extend livelihood projects to wives and immediate family members of drivers and conductors of PUVs in response to the high price of oil.

The project entails the provision of no interest, no collateral capital assistance to target beneficiaries that will be adopting the Self Employment Assistance - Kaunlaran (SEA-K) scheme of the DSWD.

The Department of Transportation and Communications (DOTC) was tasked to be responsible for the pre-identification of the beneficiaries while the Philippine Postal Savings Bank will be the fund manager of the program, and the Presidential Management Staff as the oversight office for project DRIVE.

The capital assistance ranges from a minimum of P5,000 for individual or a maximum of P150,000 for an association with 30 members. (PIA-MMIO) [top]

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