In a timely boost for public transport drivers facing skyrocketing fuel costs, the Department of Trade and Industry (DTI) launched a ₱2 billion low-interest loan program on Friday to fund electric vehicle (EV) purchases.
How It Works
Targeted at small-scale operators and individual drivers, the e-transport loans offer up to ₱1.5 million per EV (₱3 million max per borrower). Repay over five years with a one-year grace period on principal and interest. Apply starting April 21 via the SBCorp Money app. Processing takes just 7-10 days.
This fits into a ₱6 billion package for MSMEs hit by global oil shocks, approved by President Ferdinand Marcos Jr. Another ₱4 billion package targets distressed businesses amid tensions in the Middle East.
Momentum for EVs
The push aligns with a ₱60 billion EV incentive strategy aimed at attracting manufacturers like Mitsubishi Motors. With fuel prices soaring, EVs could slash operating costs for jeepney and taxi drivers, accelerating the shift to greener transport.
The program addresses a key barrier: high upfront EV costs. DTI expects quick uptake as operators seek relief from volatile fuel markets.
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