ADB, Ayala Sign $100 Million Financing Deal to Support Electric Mobility in the Philippines – EQ
In Short : The Asian Development Bank (ADB) and Ayala Corporation signed a $100 million financing deal to boost electric mobility in the Philippines. The initiative aims to deploy electric vehicles and charging infrastructure, reducing greenhouse gas emissions and promoting sustainable transport. This partnership supports the country’s clean energy transition and encourages private sector involvement in green initiatives.
In Detail : MANILA, PHILIPPINES — The Asian Development Bank (ADB) has signed a financing package of up to $100 million to support Ayala Corporation’s contributions to the development of an electric mobility ecosystem in the Philippines. This funding will be used to procure and install electric vehicle charging stations (EVCS) and to purchase electric vehicles for commercial distribution.
The package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). ADB’s financing, along with the concessional loan, will be used to develop a network of EVCS in the Philippines. This blended financing features an innovative pricing structure aimed at accelerating deployment of EVCS infrastructure. A portion of the ADB financing will be allocated to procure electric vehicles from leading manufacturers for distribution across the country.
“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.”
Electric vehicle (EV) development is still nascent in the Philippines. High initial costs, limited charging infrastructure, and evolving technologies have posed significant barriers to adoption of EVs in the country. But the Philippine government’s Electric Vehicle Industry Development Act and various tax incentives are helping create a more favorable environment for the growth of the EV sector.
The creation of an EVCS network is crucial for electric vehicles to become more popular. The EVCS to be set up with the ADB financing package will address gaps in EV charging infrastructure, thereby facilitating faster adoption of electric vehicles.
“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,” said ACMobility’s President and CEO Jaime Alfonso Zobel de Ayala.
Established in 2024, CANPA is a trust fund managed by ADB, supported by a commitment of Can$360 million from the Government of Canada. The fund builds on the success of the two previous funds, namely the Canadian Climate Fund for the Private Sector in Asia II (CFPS II) and its predecessor CFPS. CANPA aims to support private-sector projects in Asia and the Pacific that focus on climate and nature-based solutions, while also promoting gender equality.
Ayala Corporation is one of the Philippines’ largest and most enduring conglomerates. With a diverse portfolio that includes real estate, banking, telecommunications, and renewable energy, the company is well-positioned to lead the development of the electric mobility ecosystem in the Philippines. Key to Ayala’s growing sustainable business portfolio is its access to innovative financing options such as blended finance, which is supported by public, private and philanthropic funds.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
