Financial Blog

As more and more countries shift toward cleaner and more sustainable transportation, electric vehicles (EVs) are also starting to gain traction here in the Philippines. 

 Though charging station infrastructure is growing, it’s still in early stages—and with EVs typically costing more upfront than regular vehicles, some buyers are weighing if the switch is worth it. Security Bank’s Auto Loan is here to make your EV dreams come true when you apply for one now!

Here are some benefits and considerations before making your decision.

Why choose an EV?

• Fuel savings

With fuel prices continuing to rise in the Philippines, one of the biggest advantages of owning an EV is how much you can save on energy costs, since EVs run on electricity instead of fuel. Electricity is cheaper than gasoline, which is why you could save up to thousands of pesos every month.

According to Director Patrick Aquino of the Department of Energy’s Energy Utilization and Management Bureau, EVs are around three times more cost-effective than regular cars. EVs can travel about 6 km for every kilowatt-hour of electricity, which costs around ₱1.67 per kilometer. In comparison, a gas car that runs 14 km per liter would cost around ₱5.00 per kilometer (Ted Cordero, GMA Integrated News, 2022).

• Lower Maintenance Cost

EVs tend to require less maintenance overall, thanks to their simpler mechanical design—no oil changes, fewer parts prone to wear, and regenerative braking that helps preserve the brakes. While maintenance costs can still vary depending on usage and model, many drivers find the upkeep more manageable than traditional vehicles.

• Environment-friendly and future-ready.

EVs generate no tailpipe emissions, positioning them as a cleaner alternative that can help reduce air pollution. Their adoption supports the global move toward more sustainable transportation. Locally, initiatives like the EVIDA Law (Electric Vehicle Industry Development Act) reflect the country’s commitment to encouraging EV use through policy and infrastructure development.

• Incentives from the government.

As mentioned above, there is an existing law supporting the use of EVs in the country. Some of the benefits of owning an EV are:

• Lower import tax
• Less costly registration
• Tax breaks or incentives
• Complimentary access to charging or parking slots

Top Questions to Consider Before Buying an EV:

• Do you reside in an urban area where charging stations are accessible?
• Do you want to reduce your carbon footprint?
• Are you interested in the incentives provided by the government?

Exploring these key points can guide you in deciding whether an EV is the right match for you.

For those who prioritize eco-conscious choices, fuel savings, and smart tech, EVs may offer the kind of driving experience that aligns with their values and lifestyle.

Are you ready to drive your EV? Apply for a Security Bank’s Auto Loan today and start your eco-friendly journey!