DTI-SBCorp releases P15-M to first batch of e-transport borrowers

The Department of Trade and Industry–Small Business Corporation (DTI-SBCorp) on Wednesday announced it has released P15 million in loans to the first batch of transport cooperatives and operators under its E-Transport Loan Program.

Launched in April, the program allocates P2 billion for loans of up to P1.5 million per vehicle, with a maximum of P3 million per borrower, to support the transition to electric vehicles.

In a news release, the DTI-SBCorp identified the first batch of beneficiaries as:

• Arca Guadalupe Market!-Market! Transport Cooperative
• PM Jeepney Drivers & Operators Services Inc.
• Daanghari Modern Jeepney Transport Cooperative
• AFP-PNP Housing Taguig Guadalupe Transport Cooperative
• Zapote, Imus, Dasma, GMA, Palapala, Paliparan Transport Cooperative

“With this program, we are giving our small transport operators and drivers an avenue to transition to EVs to ensure a more stable income for their families and reduce pollution in our communities," said DTI Secretary Cristina Roque.

"The Marcos Jr. administration is committed to making that transition possible by providing accessible and affordable financing options,” she added.

Eligible borrowers include public utility vehicle operators and drivers, including TNVS operators and drivers with an LTFRB Certificate of Public Convenience or Provisional Authority, duly registered with the DTI or the Securities and Exchange Commission, and in active status with transport network companies.

Interested applicants may apply through the SBCorp Money app by selecting the E-Transport Loan icon.

The loan is payable for up to five years, with a grace period of six to 12 months.

DTI-SBCorp is also offering a one-year grace period on principal repayment.

The interest rate is set at 1% per month on a diminishing balance basis, equivalent to an effective annual rate of 6.7%.—MCG, GMA News