Philippine Drivers Get Access to ₱2 Billion in Electric Vehicle Loans

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The Department of Trade and Industry (DTI) has announced a ₱2 billion financing program aimed at accelerating the adoption of electric vehicles (EVs) among small-scale transport operators in the Philippines. Managed by DTI’s financing arm, Small Business Corp. (SBCorp), the program seeks to provide financial support to individual drivers and operators holding valid business licenses. The initiative aims to address the high upfront costs and limited credit access that have hampered the transition to cleaner transport options.

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Eligible borrowers can access up to ₱1.5 million for a single EV or ₱3 million for a small fleet. Loans come with a five-year repayment term and include a one-year grace period on principal and interest payments. This grace period is intended to give operators time to adapt to the new operating conditions, such as revised charging routines, before beginning payments.

The program responds to growing pressures for modernizing public utility vehicles and curbing emissions in heavily polluted urban areas. Although the government has long championed the Public Utility Vehicle Modernization Program, the expense of electric vehicles has remained prohibitive compared to traditional models, hence this strategic intervention to make cleaner technology more accessible.

To improve accessibility, the DTI has embraced digital solutions, requiring applications through the SBCorp Money app. Applicants can start submitting their documentation on the platform beginning Tuesday, April 21, 2026. This approach sidesteps conventional banking channels, streamlining the process for borrowers.

Beyond financing, the initiative is projected as a tool for environmental sustainability and economic resilience, with DTI using its network of Negosyo Centers and regional offices to provide additional technical assistance. Detailed information on interest rates and vehicle eligibility is available on the official website, preparing for increased demand.

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