MANILA — The Department of Trade and Industry and Philippine Veterans Bank have partnered to help transport operators finance electric vehicles and expand access to capital for micro, small and medium enterprises.
DTI and the bank signed a memorandum of understanding Sept. 28 at the DTI central office in Makati City to support the agency’s e-Transport Loan Program and other initiatives promoting the shift to electric vehicles.
The partnership will also open financing opportunities for MSMEs engaged in renewable energy and EV-related businesses, enterprises pursuing franchising, and firms seeking capital for import and export requirements.
Trade Secretary Cristina A. Roque said the agreement would address the growing demand from transport operators seeking to shift from internal 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 agreement, DTI can refer prospective borrowers to Philippine Veterans Bank. The two parties will also develop financing products tailored to business needs and designed to complement existing DTI-administered programs.
Roque said the partnership could help businesses take the next step in their growth, whether by acquiring more efficient vehicles, investing in equipment, or securing working capital to fulfill export orders.
“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 said.
Roque also pointed to opportunities for small businesses to become suppliers to growing exporters. DTI and its financing arm, the Small Business Corp., already provide support to MSMEs, but partnerships with banks can broaden financing options as businesses expand.
“Maraming opportunities (There are many 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. PR
