ADB mulls P4.7-B Ayala e-vehicle loan

The Asian Development Bank is considering a P4.7-billion loan to Ayala Corporation for the purchase of more electric vehicles and for rollover of charging stations.

In a statement, the ADB said the proposed loan is part of the Ayala Electric Mobility Ecosystem project.

“The fund will support Ayala Corporation’s initiative in building an electric mobility ecosystem in the Philippines, including the procurement and installation of up to 1,700 electric vehicle charging stations and procurement of electric vehicles for distribution operation,” ADB said.

The loan will be drawn from ADB’s ordinary capital resources that include paid-in capital, retained earnings, and proceeds from its debt issuances in the global and domestic markets.

Smart scooter deal in 2023

In April 2023, Ayala-owned Globe Telecom and Taiwan’s Gogoro introduced a smart, electric scooter aimed at reducing air pollution in the Philippines.

Studies from The United Kingdom show electric vehicles produce 70 percent less carbon emissions than traditional vehicles.

Gogoro’s data showed the use of electric vehicles in the Philippines accounts for only 0.8 percent of its entire mix of vehicles, much lower than Taiwan’s 18 percent.

The Ayala project supports the government’s goal on reducing carbon emissions by 75 percent by 2030 in mitigating climate change.

Through tax incentives and policy reforms, the Department of Energy aims to enable the use of 2.5 million electric vehicles in the country by 2028.