Philippines – The Asian Development Bank (ADB) has a $100m financing deal to support holding company Ayala Corporation’s initiatives to charge the electric vehicle (EV) ecosystem in the Philippines.
The funding will be allocated to the procurement and installation of EV charging stations in the country. A portion of the funding will also be used to acquire EVs from leading manufacturers for commercial distribution.
Aiming to bolster the development of a charging station network in the country through the financing deal, Ayala intends to address the limited EV charging infrastructure and other barriers to boost its adoption.
Besides ADB’s financing, the deal includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), a trust fund managed by the bank which supports climate solution projects in the private sector.
Ayala’s mobility provider, ACMobility, has been leading initiatives to develop EV charging stations in the Philippines since 2023. It recently acquired the charging network Evro, which operates under Globe’s tech innovation arm 917Ventures.
“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,” Pavit Ramachandran, ADB country director for the Philippines, said.
“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,” ACMobility’s president and CEO Jaime Alfonso Zobel de Ayala, commented.
