By Dean Aubrey Caratiquet
With the government continuing to champion sustainable mobility and leading the transition away from internal combustion engines through the Electric Vehicle Industry Development Act (EVIDA) Law, the DTI launches another initiative to keep the spirit of this legislation alive.
In an event on Tuesday, the Department of Trade and Industry (DTI) led the launch of the E-Transport Loan Program, with P2 billion in funds allocated for the lending facility geared towards helping transport network vehicle service (TNVS) operators shift to electric vehicles (EVs).
Through this program, PUV operators may borrow as much as P5 million from the Small Business Corporation (SBCorp) to acquire EVs, thus negating their reliance on diesel and gasoline-powered vehicles.
Such would come as a timely intervention to the disruptions in the global energy market, fueled by the Middle East conflict, with soaring fuel prices continuing to burn a hole in the budgets and profits of PUV drivers plying various routes across the country.
Trade Secretary Cristina Roque said in a statement, “So, it’s good to transition to electric vehicles now. Under the leadership of President Ferdinand R. Marcos, Jr., we are taking a whole government approach now to respond to the ongoing energy crisis. Meaning, all of us Cabinet Secretaries are making sure that we get things done right away.”
She expounded, “This is our hope. Because that is the order of our President—to make sure we have programs that are relevant and programs that will actually uplift our countrymen. And for today, it is the transport sector.”
The lending program imposes a minimum of P1.5 million per vehicle and a maximum cap of P3 million, which is payable up to five years and with a grace period of up to one year.
In anticipation of the rise in EV usage beyond private individuals who adopted this technology much earlier, Roque said that the government will also double down on expanding charging facilities to address infrastructure gaps in sustainable mobility.
This is also in response to the rise of fully electrified taxi fleets plying the thoroughfares of Metro Manila and nearby provinces, with adoption of battery electric vehicles (BEVs) as viable means of transportation slowly making its way onto other urban hubs in the Philippines. (with report from Denise Ossorio | PTV News)
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