BY MA. THERESA LADIAO
ILOILO City — Senatorial aspirant and former Ilocos Sur governor Luis “Chavit” Singson has vowed to provide financial support to the transport sector in Region 6, during his appearance as guest of honor at the Western Visayas Transport Summit held yesterday at Solana Premiere in Barangay Tabucan, Mandurriao district here.
Singson, president of the LCS Group of Companies, announced a financing program aimed at assisting members of transport cooperatives in acquiring new and reliable passenger vehicles.
“I want to support transport workers and cooperatives by offering loanable units with no interest. This initiative will help provide high-quality transportation services to the public,” said Singson.
As part of the summit, Singson also signed a Memorandum of Understanding with the Land Transportation Office (LTO) Region 6 to introduce electric jeepneys (e-jeeps) in Metro Iloilo. These e-jeeps, designed in line with the government’s transport modernization program, promise to be comfortable, safe, and affordable for all.
“This is the only solution that truly benefits the transport sector,” Singson declared. “These all-electric jeepneys are proudly made in the Philippines and are available through a rent-to-own scheme with no down payment, no collateral, and no interest. Drivers only need to remit half of their daily income until the vehicle is fully paid off within seven years.”
In addition to providing the vehicles, Singson has also taken steps to address the challenge of financial inclusion for both jeepney drivers and passengers.
Many drivers and commuters, especially in rural areas, still lack access to formal banking services, which makes it difficult for them to engage in the increasingly cashless society.
To solve this, Singson introduced VBank, a digital payment platform linked to his Vigan Rural Banco Incorporada.
The platform provides users with a preloaded card that has a P100,000 limit, which can be used to pay for jeepney fares and even send money to family members through the associated mobile banking app.
VBank offers an innovative solution for the unbanked Filipinos who struggle with financial illiteracy and access to traditional banking services. It allows jeepney passengers to pay their fares digitally, eliminating the need for cash, while providing an easy and accessible way for drivers to manage earnings and transactions.
The announcement of this innovative financing program was well-received by participants at the Western Visayas Transport Summit, which gathered hundreds of transport group members and cooperatives from Iloilo, Negros Occidental, Capiz, Antique, and Aklan.
The event was also attended by officials from the Department of Transportation (DOTr), the Land Transportation Franchising and Regulatory Board (LTFRB), and the LTO.
In a surprising gesture, Singson distributed P10,000 in cash to 18 lucky participants who already have an online banking account with VBank.
“VBank is one of my initiatives to help Filipinos. It can be used for transactions with any bank in the country and even abroad,” Singson added.
The inaugural Western Visayas Transport Summit marks a significant milestone for the region’s transport sector, as stakeholders work together to modernize and improve public transportation services across Western Visayas./PN