P2B loan program launched to help public transport’s shift to EVs

The Department of Trade and Industry (DTI) and its attached firm, the Small Business Corporation (SBCorp) on Tuesday launched a P2 billion loan program to help finance public transport operators’ and drivers’ shift to electric vehicles.

“Today, we launch the P2 billion E-Transport Loan Program for one clear reason, to help you transition to electric vehicles or EVs. So all of those in the transport sector, especially the small ones… This loan is for you,” Trade Secretary Cristina Roque said during the ceremonial launch of the loan program in Makati City.

Amid the rising fuel costs due to the Middle East war, Roque said public transport operators’ shift to EVs could make their operating cost become “predictable, manageable, and significantly lower.”

Applications are open starting today, April 21 through the SBCorp Money app via the E-Transport Loan icon.

Interested borrowers can avail of loans of up to P1.5 million per vehicle with a maximum limit of P3 million per borrower.

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

Roque said the DTI-SBCorp is also implementing a one-year no payment of the principal amount and interest.

The interest rate would be 1% per month on a diminishing balance basis, with an effective per annum interest rate of 6.7%. — JMA, GMA News