Trade and Industry Secretary Cristina Roque told reporters of the planned program expansion at the awarding of the initial batch of 10 transport  cooperatives for their loans of PHP3-million each or a total of PHP30 million to fund their purchases of electric vehicles aimed at facilitating their shift to clean mobility from the internal combustion engine vehicles.

Roque said that the PHP2- billion facility from SB Corp is about to be fully used up as there are more program participants.  Thus, she cited the need to top up the funding requirement.

For instance, the DTI chief has already spoken with motorcycle taxi operator Angkas, which has 30,000 motorcycle riders who may avail of the electric vehicle loan facility.

The expansion of the program is expected to benefit beyond the small transport groups or transport cooperatives.

“So, we can all work together, whole of government approach on this. In fact, we should be signing the memorandum of understanding (MOU) soon,” she said.

According to the DTI chief, once the PhilGuarantee is onboard, borrowers can tap financing from other banks, not just SB Corp. “I mean we need to be able to be creative also in trying to find a way for them to at least make the shift easy for them,” she said.

As the Philippine government’s principal agency  for state guarantee finance, Philguarantee provides credit guarantee in support of trade and investments, exports, infrastructure, energy, tourism, agricultural business/modernization, housing, MSMEs and other priority sectors of the economy, with the end in view of facilitating and promoting socio-economic regional development.

Secretary Roque explained that the PHP2-billion SB Corp E-Transport Loan program is geared for micro, small and medium enterprises (MSMES).

By opening more loan facilities for EV acquisition, the shift to clean motor vehicles would be made faster and easier.

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