Makati city: Operators of public utility vehicles (PUVs) in the Philippines can now access loans of up to PHP5 million from the Small Business Corporation (SBCorp), the lending arm of the Department of Trade and Industry (DTI), to facilitate their transition to electric vehicles (EVs).

According to Philippines News Agency, Trade and Industry Secretary Ma. Cristina Roque announced the PHP2 billion allocation for the E-Transport Loan program during its launch at the DTI main office. This initiative aims to aid transport operators in shifting to EVs, reducing reliance on fossil fuels amid global oil supply challenges due to Middle East conflicts.

Roque emphasized the government's commitment to transitioning to EVs under President Ferdinand R. Marcos, Jr.'s leadership, highlighting a comprehensive approach by the Cabinet Secretaries to address the ongoing energy crisis. The program is designed to ensure the implementation of relevant initiatives that will benefit the transport sector and the broader community.

The lending program allows qualified public transport operators to borrow up to PHP1.5 million per vehicle, with a maximum cap of PHP3 million. The loans are payable over five years, with a grace period of up to one year. Roque mentioned that the PHP2 billion fund could be replenished through the allocation for micro, small, and medium enterprises (MSMEs) if it is depleted.

Roque also encouraged public transport operators to take advantage of the program, noting that efforts are underway to expand charging infrastructure to support the adoption of EVs.

Roberto 'Ka Obet' Martin, National President of the transport group Pasang Masda, expressed gratitude for the loan facility. He acknowledged the global nature of oil supply issues and the timely shift to EVs facilitated by the DTI. Martin remarked that the government is actively seeking solutions to assist the country's transport sector, marking a positive step towards sustainable transportation.