MANILA — The Department of Trade and Industry (Department of Trade and Industry) has allocated P2 billion to finance small transport operators and drivers who want to shift to electric vehicles.

In a statement on Friday, the DTI said the funding will be coursed through the Small Business Corporation (SBCorp), which will provide loans to qualified borrowers holding business licenses.

Under the program, eligible borrowers may access up to P1.5 million per vehicle, with a maximum of P3 million per borrower.

The loan is payable within five years and includes a grace period of up to one year on both principal and interest.

Applications will open on April 21 and can be filed online through the SBCorp Money app, where applicants must select the E-Transport Loan option.

The DTI also advised interested applicants to visit the SBCorp website at sbcorp.gov.ph or coordinate with DTI offices and Negosyo Centers nationwide.