Grab PH launches EV loan program for drivers
Grab Philippines is rolling out a financing platform to accelerate the shift of its ride-hailing fleet toward electric and hybrid vehicles.
Under its “Eco-Drive” initiative, Grab will connect driver-partners with banks and automakers to offer discounted vehicle financing, simplified loan applications and flexible repayment schemes tailored to the earning patterns of transport network vehicle service drivers.
Through the program, drivers can apply for loans through a streamlined process that uses platform data — such as earnings history, tenure and service ratings — to support credit evaluation.
Drivers may choose to repay through traditional monthly amortizations or daily installments deducted via the Grab Driver Wallet.
Grab said the initiative is designed to address two key pressures facing drivers: rising fuel costs that erode take-home pay and the need to replace aging vehicles.
“Eco-Drive brings together Grab, the Philippines’ leading financial institutions, and global automakers to do one thing: make the shift from gasoline to electric and hybrid vehicles simpler and more accessible for our driver-partners,” said Gines Barot, general manager for GrabCar and fleet solutions at Grab Philippines.
Grab said the program would especially target drivers whose vehicles are approaching the end of their recommended service life, or who are nearing the end of an existing auto loan term.
Assistance will be rolled out through major financial institutions and vehicle suppliers in what Grab described as Southeast Asia’s largest EV financing coalition for ride-hailing drivers.
Auto, banking giants join
Bank partners include BDO Unibank and Bank of the Philippine Islands, which will offer preferential “green” auto loan packages.
Automotive partners include Toyota, BYD, GAC, Dongfeng, Omoda and Jaecoo, alongside distributors such as Autohub Group and QSJ Motors Philippines, which will provide discounted EV and hybrid units within agreed promotional periods.
“We believe this coalition has the potential to reshape how the Philippines finances its transport future,” said Bremel Guiao, senior vice president for auto loans at BDO.
Grab said the initiative is intended to be a private-sector complement to the government’s Electric Vehicle Industry Development Act, especially as the country seeks to reduce reliance on fuel and modernize its transport fleet.
