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The Asian Development Bank (ADB) inked a USD 100 million financing deal with Ayala Corporation, aimed at fostering the growth of the Philippines’ electric mobility sector and driving
The Asian Development Bank (ADB) inked a USD 100 million financing deal with Ayala Corporation, aimed at fostering the growth of the Philippines’ electric mobility sector and driving sustainable transportation solutions.
In a statement by the ADB, the investment will facilitate the rollout of electric vehicle charging stations (EVCS) and bolster the availability of electric vehicles for commercial use across the country.
“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,” said ADB Country Director for the Philippines Pavit Ramachandran.
Building a reliable EVCS network plays a pivotal role in encouraging the transition to electric vehicles and with the ADB’s financing support, this initiative aims to strengthen the charging infrastructure, making EV adoption more practical and accessible for consumers.
The bank would partner with the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) to roll out a blended financing package to boost electric vehicle infrastructure in the Philippines.
The loan and funding will focus on establishing a nationwide network of electric vehicle charging stations (EVCS), addressing the country’s infrastructure gaps.
Additionally, part of the funding will be directed toward sourcing electric vehicles from prominent manufacturers to accelerate their commercial distribution across the nation. This initiative aims to drive the country toward a greener, more sustainable transportation system.
Meanwhile, ACMobility’s president and CEO Jaime Alfonso Zobel de Ayala acknowledged the institution’s role in helping propel their electric mobility initiative, emphasizing its impact on accelerating the Philippines’ progress toward achieving climate goals.
Follow updates on how this investment will boost EV development and infrastructure nationwide by staying connected with Power Philippines.
