Public transport operators looking to modernize their fleets now have access to a new government-backed financing program aimed at accelerating the adoption of electric vehicles across the country. The Department of Trade and Industry (DTI) announced that a P3-billion loan facility is available to help transport groups transition from traditional fuel-powered units to electric alternatives.
The initiative forms part of the government's broader push toward cleaner and more sustainable transportation while helping operators manage rising fuel costs. Officials said the program is designed to make electric vehicles more accessible to legitimate transport cooperatives and operators through affordable financing terms.
RELATED: [More Filipinos Eye Hybrid and Electric Vehicles Amid Rising Fuel Costs]
Financing Support for Transport Operators
During a press conference in Quezon City, Trade Secretary Cristina Roque encouraged transport operators to take advantage of the available funding.
“If you want an e-jeepney, e-bus, e-Love Bus, a tricycle or motorcycle for as long as you are an operator and members of legitimate transport groups and cooperatives, just apply with us,” Roque urged.
The program is being implemented through the Small Business Corp.’s E-Transport Loan Program. Under the financing package, borrowers are entitled to a one-year grace period covering both principal and interest payments.
“We want to give you enough time to recover,” Roque explained.
The Trade chief added that the loan carries an annual interest rate of 6.7 percent and can be paid over a period of up to five years.
Shift Toward Cleaner and More Efficient Transport
Government officials and transport sector representatives agreed that now is an opportune time to move toward electric mobility. Roque noted that operators may experience savings ranging from 33-percent up to 80-percent by shifting to electric vehicles.
“What does this tell you? A better life, a better education and you can now travel around the Philippines and help other industries indirectly. Aside from this, you can help protect the environment,” Roque said.
She also assured transport groups that adequate charging infrastructure would be available to support the growing number of public transport e-vehicles.
Meanwhile, Land Transportation Franchising and Regulatory Board chief Vigor Mendoza II said the agency is working closely with the Department of Transportation to open more routes for electric vehicle operators. He also assured transport cooperatives that registration of e-vehicles would be straightforward provided they comply with the required documents.
“The LTFRB has been fully supportive of the e-vehicle program for the transport sector of the administration of President Ferdinand Marcos Jr. Besides, it’s high time to start shifting from combustion to electric vehicles,” Mendoza emphasized.
Pasang Masda National President Roberto Martin also disclosed that the DTI has already approved e-transport loans worth P3 million each for their groups’ 40 vehicles.
The program could contribute to a more modern and environmentally friendly public transportation system while helping operators reduce operating expenses. Lower transport costs and improved efficiency may eventually benefit commuters through more sustainable and reliable transport services while supporting the country's transition toward cleaner energy solutions.
RELATED: [Mitsubishi Moves To Build First Locally Made EV In The Philippines]
