OPERATORS of public utility vehicles (PUVs) may now borrow as much as P5 million from the Small Business Corporation (SBCorp), the lending arm of the Department of Trade and Industry (DTI), to acquire electric vehicles (EVs).
DTI Secretary Ma. Cristina Roque, during the launch of the E-Transport Loan program at the DTI main office in Makati City on April 21, said P2 billion has been allocated for the lending facility, which is aimed at helping transport operators shift to EVs.
She said the lending program fulfills the government’s bid towards the transition to EVs and lessens reliance on fossil fuels, which is especially needed right now given the global oil supply issues due to the Middle East conflict.
“So, it’s good to transition to electric vehicles now. Under the leadership of President Ferdinand R. Marcos, Jr., we are taking a whole government approach now to respond to the ongoing energy crisis. Meaning, all of us Cabinet Secretaries are making sure that we get things done right away,” she said.
Under the lending program, qualified public transport operators may borrow up to P1.5 million per vehicle, with a maximum cap of P3 million, payable up to five years and with a grace period of up to one year.
Roque said the P2-billion allocation, once depleted, may be replenished through the allocation for micro, small, and medium enterprises (MSMEs).
Thus, she encouraged public transport operators to avail of the program, noting that charging infrastructure is also being expanded to ensure adequate charging facilities for EVs. (PNA)
