The Development Bank of the Philippines (DBP) has granted a loan to EV Wealth, Incorporated (EVI) to finance the manufacturing and assembly of electric tricycles (e-trikes). Dubbed E-TRIKEBAYAN, these six-passenger electric vehicles are powered by lithium ion batteries and are intended to ply the district of Mandaluyong.
The project’s vision is to provide a greener method of transportation to LGU Mandaluyong, or a greener alternative to the traditional fuel-powered tricycles. The E-TRIKEBAYAN also provides a business opportunity for tricycle drivers, operators, and other interested individuals, to own e-trikes, expand or start their own business, and explore other business opportunities such as school service, private rental service, cargo handling, among others.
EVI will provide a five year financing plan for clients, inclusive of both comprehensive e-tricycle insurance and family insurance. Clients will be trained on how to operate and troubleshoot their e-vehicles. They will also be given seminars on income management/ investments.
EVI will also implement a battery charging and swapping scheme so as to unburden clients from the high maintenance cost of the electric batteries, which in turn will help ensure the continuity of their E-TRIKEBAYAN business ventures.
The loan is in line with DBP’s thrust to support sustainable projects that also generate environmental benefits including reduced environmental impacts. The project supports the National Government’s program to deal with environmental problems and adopt strategies meant to reduce greenhouse gas emissions by using electric vehicles like e-trikes and e-bikes.