The government is seeking to expand the P2-billion financing pool for a program helping public transport operators transition to electric vehicles (EVs), as demand grows among transport groups and delivery riders looking for cleaner and more cost-efficient mobility options.
Trade Secretary Cristina Roque said the Department of Trade and Industry (DTI) is also exploring the possibility of extending the loan program to riders of Angkas who plan to switch to electric motorcycles.
Roque said the DTI is in talks with the Social Security System and is set to meet with the Pag-IBIG Fund to discuss opening additional lending windows similar to the E-DTI Transportation Loan Program launched on April 8.
The agency is also preparing to sign a memorandum of agreement with PhilGuarantee to encourage more banks to finance transport groups shifting to EVs, including two-wheel delivery riders.
Roque led the ceremonial turnover of the first batch of approved beneficiaries under the program, with each transport cooperative receiving P3 million in financing. She added that more beneficiaries have already secured approval.
The first recipients include the 1Arca Guadalupe Market-Market! Transport Cooperative, PM Jeepney Drivers & Operators Services Inc., Daanghari Modern Jeepney Transport Cooperative, AFP-PNP Housing Taguig Guadalupe Transport Cooperative, and the Zapote, Imus, Dasma, GMA, Palapala, Paliparan Transport Cooperative.
Under the financing scheme, beneficiaries are granted a one-year grace period with no principal or interest payments on loans ranging from P1.3 million to P3 million. Beginning in the second year, loans will carry a 6.7-percent annual interest rate.
Roque said the initiative is designed to make transport modernization more affordable and accessible, while helping operators cut operating costs by 33 percent to 80 percent and reduce pollution.
She added that GET Philippines will supply the electric vehicles for the program’s initial beneficiaries.
