To help transport operators finance electric vehicles (EVs) and give more businesses access to capital, the Department of Trade and Industry (DTI) and Philippine Veterans Bank signed a memorandum of understanding (MOU) last September 28 at the DTI central office in Makati City.
The partnership supports DTI’s e-Transport Loan Program and other EV transition initiatives. It will also cover financing opportunities for micro, small, and medium enterprises (MSMEs) in renewable energy and EV-related businesses, enterprises pursuing franchising, and firms needing capital for import and export requirements.
Trade Secretary Cristina A. Roque said the agreement would help meet growing demand from transport operators who want to transition from combustion engines to electric vehicles.
“Many transport operators want to make the shift, but they need financing to do it. Through this partnership, we can connect more of them—from small operators to larger groups—with a bank that can help fund that transition,” Roque said.
Under the MOU, DTI will be able to refer prospective borrowers to Philippine Veterans Bank. The parties will also develop financing products tailored to business needs and complementary to existing DTI-administered programs.
Roque said the partnership could help enterprises take the next step in their growth, whether that means acquiring a more efficient vehicle, investing in equipment, or securing the working capital needed to fulfill an export order.
“Access to capital is the true engine of enterprise growth and modernization. We need to ensure that flexible, accessible financing is within reach so our enterprises can take that next step,” Roque added.
The Secretary also pointed to opportunities for small businesses to become suppliers to growing exporters. While DTI and its financing arm, Small Business Corporation, already provide support to MSMEs, partnerships with banks can widen the financing options available to enterprises as they expand.
“Maraming opportunities for our MSMEs, especially as more Philippine products reach both local and global markets. We want to make sure they have access to the capital they need to grow and expand” Roque said.
