Our friendly neighborhood manicurista says she helped bankrolled her husband's jeepney cooperative membership bid. He's still not done paying off the money he borrowed for the traditional jeepney he is currently driving. "Yung di sumali sa coop hanggang katapusan na lang ng buwan," she said. She's hopeful but is postponing retirement from salon work even if she's over 60.
I'm sorry to hear this but the driver — based on the details you mentioned — had bad timing by buying a traditional jeepney, probably a year or two before the modernization program was launched. The modernization program is tedious and difficult, even the advocates say so.
At the time it was written, the interest rate and payment terms were fixed. It's a possible story if things changed. I tried to get an interview with DBP but the official declined.
Our friendly neighborhood manicurista says she helped bankrolled her husband's jeepney cooperative membership bid. He's still not done paying off the money he borrowed for the traditional jeepney he is currently driving. "Yung di sumali sa coop hanggang katapusan na lang ng buwan," she said. She's hopeful but is postponing retirement from salon work even if she's over 60.
I'm sorry to hear this but the driver — based on the details you mentioned — had bad timing by buying a traditional jeepney, probably a year or two before the modernization program was launched. The modernization program is tedious and difficult, even the advocates say so.
6 p.a. interest rate! Wow!
Thanks for reading
Is the loan payment period fixed at 7 years? Or there were other payment terms? 7 years x 6 = 42% of principal :O
At the time it was written, the interest rate and payment terms were fixed. It's a possible story if things changed. I tried to get an interview with DBP but the official declined.