New Delhi: The Asian Development Bank (ADB) in a press statement announced a $100 million financing package to help Ayala Corporation develop an electric mobility ecosystem in the Philippines.
The financing will be used to procure and install electric vehicle charging stations (EVCS) and purchase electric vehicles for commercial distribution, it said.
The statement added that the package includes a concessional loan from the Canadian Climate and Nature Fund for the private sector in Asia (CANPA). This blended financing structure features an innovative pricing structure to accelerate EVCS infrastructure deployment. Part of the ADB financing will procure electric vehicles from leading manufacturers for nationwide distribution.
ADB country director for the Philippines Pavit Ramachandran highlighted the project’s significance, stating, “This project is a significant step towards a sustainable and low-carbon future for the Philippines. By fostering the development of a robust electric mobility ecosystem, we are not only addressing critical environmental challenges such as air pollution, but also driving economic growth through the creation of green jobs, enhancing energy security, and promoting inclusive and resilient urban development.”
The development of electric vehicles in the Philippines is still in its early stages, facing challenges such as high initial costs, limited charging infrastructure, and evolving technologies, the ADB said. However, the Philippine government’s Electric Vehicle Industry Development Act and various tax incentives are creating a more favorable environment for the growth of the EV sector.
The establishment of an EVCS network is crucial to facilitate the mass adoption of electric vehicles. The EVCS to be set up with the ADB financing package will address gaps in EV charging infrastructure, thereby accelerating the adoption of electric vehicles.
Jaime Alfonso Zobel de Ayala, president and CEO of ACMobility, expressed gratitude for the partnership, stating, “This innovative blended financing comes at an opportune time as Ayala, through ACMobility, continues to ramp up its electric mobility investments. As we help build a comprehensive EV ecosystem for the Philippines, we wish to thank like-minded institutional partners like ADB for helping us expand our electric mobility initiatives, accelerate our contribution to the Philippines’ climate goals, and reaffirm our purpose of building businesses that enable people to thrive.”
Established in 2024, CANPA—a trust fund managed by ADB—is supported by a commitment of Can$360 million from the Canadian government. The fund builds on the success of its predecessors, CFPS and CFPS II, which focused on the private sector in Asia. The fund focuses on supporting private-sector projects in Asia and the Pacific that focus on climate and nature-based solutions, while also promoting gender equality.