Singson vows zero-interest EV financing during Palawan visit

Celeste Anna Formoso·2 December 2024, 10:48 am·1 min read

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Singson vows zero-interest EV financing during Palawan visit — Local transport leader Efne Lusoc (right), joined by his fellow transport sector representatives, expressed their full support for senatorial aspirant Luis "Manong Chavit" Singson by ceremonially raising his hand during a gathering in Puerto Princesa City. The gesture signified their endorsement of Singson’s candidacy, following his presentation of modernization initiatives aimed at improving the transport sector, including the introduction of affordable electric vehicles and a no-interest financing scheme.
Photo by Celeste Anna R. Formoso

PUERTO PRINCESA CITY, Palawan — Senatorial candidate Luis "Manong Chavit" Singson pledged support for modernizing the transport sector and introducing digital banking innovations during his visit to Puerto Princesa City on Sunday.

Speaking at the Best Western Plus The Ivywall Hotel, Singson addressed local officials and transport leaders to discuss initiatives aimed at improving transportation and financial accessibility. The focus was on sustainability and operational efficiency, with Singson underscoring the need for the Public Utility Vehicle Modernization Program (PUVMP).

"The modernization program has been a government initiative for a long time. The specifications are good—air conditioning to reduce health issues caused by pollution, and electric vehicles to save on expensive fuel," Singson said, emphasizing the benefits of transitioning to electric vehicles (EVs).

Responding to concerns raised by Efne Lusoc, president of 25 Tricycle Operators and Drivers Associations (TODAs) in Puerto Princesa, Singson explained a financing plan designed to make EVs accessible.

The program promises no down payment and zero interest for drivers and operators, aiming to remove barriers to modernization.

"No one wants to take out loans because they just end up losing money. I said to President [Ferdinand Marcos Jr.], I'll provide the capital myself. No down payment, zero interest," Singson assured.

He also revealed that his factories in Korea are producing EVs, with plans to ramp up distribution across the Philippines, including Palawan.

These vehicles would be sold at a fraction of their usual cost, with prices starting at ₱1.2 million, significantly lower than the standard ₱3 million market rate.

"This is not a business for me. I already have other businesses. This is for public service," he added.

In addition to transportation, Singson highlighted plans to launch "Vbank PH," a digital banking platform enabling cashless transactions and remittance services.

"From Vbank to Vbank, there are no fees. This is about service, not business," Singson explained, stressing how the platform would benefit Overseas Filipino Workers (OFWs) and local communities.

The digital service will include features like free transfers, 24/7 availability, and locally branded credit cards linked to global networks like Visa, Unipay, and Mastercard. The app will be available for download starting 10 December, with incentives to encourage public adoption.

Lusoc and other local transport leaders expressed optimism about Singson's initiatives, emphasizing their potential to improve livelihoods and environmental conditions.

At the end of the event, TODAs in Puerto Princesa formally endorsed Singson’s senatorial candidacy.

"I don’t mind losing billions as long as Filipinos benefit," Singson declared, committing to prioritize public welfare over profit.