Electric tricycles will soon be a common sight as the National Economic and Development Authority (NEDA) has recently approved the Market Transformation through Introduction of Energy Efficient Electric Tricycle (e-Trike) Project.
Expected to cost P21.5 billion, the project aims to reduce the fuel consumption of tricycles by 2.8 percent which, according to NEDA, is equivalent to 560,926 oil barrels.
"The project will distribute 100,000 e-Trikes to tricycle operators on a lease-to-own arrangement, replacing their old gas-fed and two-stroke gasoline engine units. This way, we are also able to protect our environment," said socioeconomic planning secretary and NEDA board vice chair Cayetano Paderanga Jr.
The first phase of the project will see 20,000 e-Trikes being distributed to operators in Metro Manila, Boracay, Puerto Princesa City, Cabanatuan City and Davao City. For the second phase, 80,000 units will be distributed to operators in municipalities and cities that are "yet to be determined" by NEDA.
Proposed by the Department of Energy, the project will be financed through a P12.9 billion loan from Asian Development Bank, a P4.3 billion loan and P43 million grant from the Clean Technology Fund, a P860 million Clean Development Mechanism facility and a P3.397 billion government counterpart funding.