The Asian Development Bank (ADB) has signed a financing agreement of up to USD 100 million with Ayala Corporation to accelerate the development of an electric mobility ecosystem in the Philippines. The funding will support the procurement and installation of electric vehicle charging stations (EVCS) and the acquisition of electric vehicles (EVs) for commercial distribution, helping to address the country’s limited EV infrastructure.
A portion of the financing comes from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), a trust fund managed by ADB that supports climate-related private sector projects. The blended financing structure aims to reduce the high upfront costs associated with EV infrastructure, making the transition to electric mobility more viable.
The Philippine government has introduced tax incentives and policies such as the Electric Vehicle Industry Development Act to encourage EV adoption. However, challenges remain, including high vehicle costs and inadequate charging networks. Ayala, through its mobility subsidiary ACMobility, is looking to bridge these gaps by expanding EVCS networks and increasing EV availability.
With investments in banking, telecommunications, real estate, and renewable energy, Ayala Corporation is well-positioned to drive the country’s EV transition. The partnership with ADB is expected to accelerate EV adoption, promote energy security, and create green jobs while supporting the Philippines’ long-term sustainability goals.
(Source: TN Global)
