DTI approves loans for 20 operators' EV transition

In less than a month, the Department of Trade and Industry (DTI) has approved loans for 20 small operators under its E-Transport Loan Program, DTI Secretary Maria Cristina Roque said Sunday.

On May 27, the DTI-Small Business Corporation (DTI-SBCorp) reported that it has released P15 million in loans to the first batch of transport cooperatives and operators, which comprises five groups.

“Marami pong drivers ang gustong mag-shift from the combustion to the electric. Actually, in less than a month, nakapag-approve na kami ng 20 na nag-apply ng EV loan,” Roque said.

The DTI loan is intended for small operators, and caravans are being deployed to make the application accessible.

The loan applications opened on April 21 through the SBCorp Money app via the E-Transport Loan icon.

Launched in April, the E-Transport Loan Program allocates P2 billion for loans of up to P1.5 million per vehicle with a maximum of P3 million per borrower.

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

“One-year no payment of principal and interest, and 6.7% per annum ang interest nito,” Roque said.

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