Luzon Development Bank has joined a line up of financial institutions offering to finance purchase of electronic vehicles, the Electric Vehicle Association of the Philippines (EVAP) said.
EVAP President Rommel Juan said the newly opened bank joined BPI Bangko and the Development Bank of the Philippines (DBP) now with financing windows for the purchase of e-trikes and e-jeepneys.
He said DBP has allocated P10 million for its special green vehicles loan while the bpi Bangko offered a micro-finance deal on per trike or per vehicle basis.
“For DBP they gave P10 million. For BPI, it’s a micro-finance deal. So it is per etrike,” Juan said.
BPI Bangko has successfully financed electric tricycles (e-trikes) in Boracay.
“With EVAP validating that there are now very credible and reliable EV manufacturers in the Philippines among its membership, financing was determined as the only remaining missing piece of the puzzle” said EVAP Executive Director Bodie Pulido.
The Land Transportation Franchising and Regulatory Board is supportive of EVs as alternative to the diesel engine passenger jeepneys.
The agency is studying the concept of “franchise dropping and substitution” as part of the PUJ-modernization plan.