In a move toward sustainable urban transportation, SB Finance, a subsidiary of Security Bank, has teamed up with Cost Plus Inc., a prominent electric vehicle distributor, to introduce MotorsikLOAN — a financing initiative specifically designed to support the adoption of electric tricycles (E-Trikes) in the Philippines. This initiative, part of the Kidlat Electric Vehicles program, aims to assist Tricycle Operators and Drivers’ Associations (TODA) in key areas such as Quezon City, Laguna, and Rizal, empowering them with affordable financing to transition to environmentally friendly and cost-effective transport options.
The SB Finance-Cost Plus Inc. partnership offers TODA members easy access to financing, enabling them to replace conventional gas-powered tricycles with electric alternatives. This switch to E-Trikes promises to cut down on fuel expenses and reduce maintenance costs, providing long-term savings and a cleaner transportation option. This transition not only enhances drivers’ income but also aligns with the nation’s broader goals of environmental sustainability.
“At SB Finance, we aim to make our financial products not only provide immediate value but also contribute to long-term economic and environmental benefits. MotorsikLOAN is a key enabler for TODA members to modernize their operations while supporting the country’s push for sustainability. This partnership will provide tricycle drivers with a chance to improve their livelihoods, reduce operational costs, and help transition the Philippines to a greener future,” according to Abbie Dans-Casanova, CEO of SB Finance.
Through MotorsikLOAN, TODA members can take advantage of long-term payment plans offered at over 100 Cost Plus Inc. locations across the country, making the shift to electric vehicles more accessible and feasible. Cost Plus Inc. President Anand Mahtani echoed this sentiment, noting the importance of this collaboration in driving a sustainable future for local drivers, “By joining forces with SB Finance, we are providing TODA members with the tools they need to secure better incomes and more reliable vehicles. Electric tricycles are not just a solution for today — they’re the future of sustainable transport in the Philippines. We are proud to be part of an initiative that directly benefits drivers while also advancing our nation’s environmental goals.”
The Kidlat Electric Vehicles program supports the government’s efforts to promote sustainable transportation by providing tricycle drivers with a pathway to eco-friendly alternatives. This initiative is also part of SB Finance’s broader commitment to green financing; in addition to E-Trikes, the company offers loans for renewable energy installations, including rooftop solar panels. With financing up to PhP 2 million, these loans are designed to make sustainable energy more accessible for Filipino households, further strengthening SB Finance’s environmental stewardship.
For more information about MotorsikLOAN, the Kidlat Electric Vehicles program, and the financing options available to TODA members, visit www.sbfinance.com and www.costplusinc.com.