THE Department of Trade and Industry (DTI), through its financing arm, Small Business Corp. (SBCorp), on Monday awarded the first batch of 10 transport cooperatives that availed of its P2-billion E-Transport Loan program.
The loans are worth P3 million each.
The 10 cooperatives are Pasang Masda Jeepney Drivers and Operators Services, ARCA Guadalupe Market Market Transport, Market Market Transport, Daang Hari Transport, Zapote-Imus-Dasma GMA-Palapala-Paliparan Transport, PM Jeepney Drivers & Operators Services, Libra Brotherhood Multi-Purpose Cooperative, Navotas Transport Services, Malabon Jeepney Transport Services, Alabang-GMA Transport Service, and AFP/PNP Housing-Guadalupe Transport.
The loan program, launched in April, was offered to small transport operators and drivers with business licenses who want to buy electric vehicles (EVs).
Loans ranged from P1.5 to P3 million per vehicle, payable in five years with a grace period of up to one year on principal and interest.
With the P3 million package, each cooperative can get up to two electric public EVs from DTI partner Global Electric Transport (GET) Philippines, Trade Secretary Cristina Roque told reporters, noting that “what’s important” is that the money will benefit small transport operators.
GET Philippines is a transport technology company that provides eco-friendly, modern mobility solutions that run on 100-percent electric, zero-emission vehicles, including its Community Optimized Managed Electric Transport (Comet) minibuses.
More transport beneficiaries of the E-Transport Loan program are being considered, DTI said.