The Department of Trade and Industry (DTI) has introduced a PHP 2 billion (US$ 33 million) financing programme to support licensed small transport operators and drivers transitioning from internal combustion engine vehicles to electric vehicles.

Through its financing arm, the Small Business Corporation, the DTI will offer loans of up to PHP 1.5 million (US$ 25,010) per vehicle. The programme will be available starting April 21st under the e-transport loan initiative.

Operators and drivers may borrow up to PHP 3 million, allowing financing for the purchase of up to two electric vehicles.

The loan will be payable over five years, with both principal and interest payments waived during the first year. The initiative comes amid rising electric vehicle adoption in the Philippines, supported by increasing fuel prices.