The Asian Development Bank announced on Monday that the funding will finance the procurement and installation of electric vehicle charging stations and the purchase of electric vehicles for commercial distribution
Ayala Corp. (AC), the country’s oldest conglomerate, has secured a financing package of up to $100 million from the Asian Development Bank (ADB) to support the development of a local electric mobility ecosystem.
The Manila-based multinational lending bank announced on Monday that the funding will finance the procurement and installation of electric vehicle charging stations (EVCS) and the purchase of electric vehicles (EVs) for commercial distribution.
The establishment of a nationwide EVCS network is critical to supporting the widespread adoption of electric vehicles, which is targeted to reach 50 percent market penetration by 2040.
The blended financing model features a pricing structure designed to speed up the deployment of EV infrastructure, with a portion set aside for procuring EVs from leading manufacturers for nationwide distribution.
“This project is a significant step towards a sustainable and low-carbon future for the Philippines,” said ADB country director for the Philippines, Pavit Ramachandran.
“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.”
Additionally, the package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). Established in 2024, CANPA is a trust fund managed by ADB and supported by a Canada $360 million commitment from the Government of Canada.
The fund focuses on supporting private-sector projects in Asia and the Pacific that emphasize climate and nature-based solutions, while also promoting gender equality.
Meanwhile, ACMobility president and CEO Jaime Alfonso Zobel de Ayala cited the timely financing as the company ramps up its electric mobility efforts.
“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 Zcontribution to the Philippines’ climate goals, and reaffirm our purpose of building businesses that enable people to thrive,” he said.
