THE Department of Trade and Industry (DTI) has partnered with Philippine Veterans Bank to provide specialized financing options for transport operators transitioning to electric vehicles (EVs) and to expand funding access for local small businesses.
The two institutions formalized the agreement through a memorandum of understanding (MOU) signed on September 28 at the DTI central office in Makati City.
Under the partnership, the bank will support DTI’s e-Transport Loan Program and broader EV initiatives by extending capital to transport operators seeking to replace internal combustion engine vehicles with electric models.
DTI will directly refer prospective borrowers to Veterans Bank, while both entities work together to design custom financial products tailored to sector-specific needs.
Beyond transportation, the agreement covers financing for micro, small, and medium enterprises (MSMEs) operating in renewable energy, franchising, EV-related supply chains, and import-export operations.
Trade Secretary Cristina A. Roque highlighted that financial access remains the primary hurdle for operators and small businesses aiming to modernize or scale.
“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, adding that “access to capital is the true engine of enterprise growth and modernization.”
Roque noted that while DTI and its financing arm, the Small Business Corporation, continue to provide direct support, collaborating with commercial banks creates a wider safety net for expanding firms and helps position small businesses as key suppliers to international markets.