MANILA — Public utility vehicle (PUV) operators may now access loans of up to PHP5 million to finance the acquisition of electric vehicles (EVs) under a new government program aimed at accelerating transport electrification.

The Small Business Corporation (SBCorp), the lending arm of the Department of Trade and Industry (DTI), will implement the E-Transport Loan program, which carries a PHP2 billion initial funding allocation.

The program was launched Tuesday at the DTI main office in Makati City.

Trade and Industry Secretary Ma. Cristina Roque said the initiative supports the government’s push to transition toward electric mobility while reducing dependence on fossil fuels amid global oil supply pressures linked to geopolitical tensions in the Middle East.

“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,” Roque said.

“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.”

Under the lending scheme, qualified transport operators may borrow up to PHP1.5 million per vehicle, with a maximum loan ceiling of PHP3 million per borrower. The loan is payable in up to five years, with a grace period of up to one year.

Roque said the initial PHP2 billion fund may be replenished through allocations intended for micro, small, and medium enterprises once exhausted.

She also encouraged transport operators to take advantage of the program, noting that the government is expanding EV charging infrastructure to support the transition.

Transport group Pasang Masda welcomed the initiative, with National President Roberto “Ka Obet” Martin expressing support for the shift to electric vehicles.

“Itong pagsi-switch natin sa e-vehicle ay maganda ito at tutulong ang ating DTI sa hanay ng transportasyon para maibsan ang problema namin. Malaki ang indikasyon na ang ating pamahalaan ay hindi tumitigil, humahanap ng paraan para makatulong sa transport sektor ng ating bansa,” Martin said.