The Asian Development Bank (ADB) has secured a financing package of up to USD100 million to support Ayala Corporation’s efforts to build a sustainable electric mobility ecosystem in the Philippines. The funding will be directed towards the procurement and installation of electric vehicle charging stations (EVCS) and the purchase of electric vehicles for commercial use, accelerating the country’s transition to cleaner transportation.
The financing deal includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), which will be combined with ADB’s financing to develop a nationwide network of EVCS. A key feature of the agreement is its innovative blended financing model, designed to expedite the deployment of EV infrastructure at competitive pricing.
ADB’s funding will also be allocated to procure electric vehicles from global manufacturers for distribution, further enhancing the electric mobility supply chain in the Philippines. ADB country director for the Philippines, Pavit Ramachandran, emphasized the broader impact of the project, noting, “This initiative is a significant step towards a sustainable and low-carbon future for the Philippines. By fostering electric mobility, we are addressing environmental challenges like air pollution while also creating green jobs, boosting energy security, and driving inclusive urban development.”
The partnership marks a major milestone in the Philippines’ push to develop a green economy and reduce carbon emissions in the transportation sector, contributing to both environmental and economic sustainability.
