MANILA, Philippines – A member company of the Electric Vehicle Association of the Philippines has secured a loan from the Development Bank of the Philippines (DBP) to speed up the advancement of the local electric vehicle industry.
Filipino-owned Tojo Motors Corp. secured a substantial loan from the DBP after it was able to submit the proper requirements needed by the bank, EVAP said.
DBP has initially allocated P10 billion for its Green Financing Program aimed at helping both the private and public sectors comply with environmental laws and regulations.
Tojo Motors is the first electric vehicle manufacturer to take advantage of DBP’s Green Financing Program.
Ralph Legaspi, president of Tojo Motors, said the company would use the loan as working capital and fund its expansion program to be able to produce and distribute more electric vehicles in the country.
“It is good to note that DBP is true to its mandate in supporting developmental and climate financing programs like electric vehicle manufacturing and operations. This will not only create jobs and spur economic development but also contribute to emission reduction in the country,” Legaspi said.
EVAP president Rommel Juan said no financing company in the past would dare grant a loan to electric vehicle companies due to what they termed as the absence of a proof of concept.
“Now that financing is available, we must have proven that EV technology really works. Thus, we are happy to note that the EV industry has made a great stride forward as the road to financing was finally traversed by Tojo Motors,” he said.
“With this new development, we are confident that we will be able to reach our goal of having one million electric vehicles in the Philippines by 2020,” Juan added.