Summary
- The Ayala Group, the country’s biggest conglomerate, received a financing package of up to PhP583 billion from the ADB
- The funding will be used to develop an electric mobility ecosystem in the Philippines, including installing EV charging stations and purchasing EVs
- ADB has a history of supporting electric mobility in the Philippines through projects like e-jeepneys and e-trikes
- Challenges in EV adoption include high upfront costs, limited charging infrastructure, and evolving technologies
- Ayala Corporation is leading the development of the country’s electric mobility ecosystem with support from ADB and other partners like Canada through CANPA
Article
The Asian Development Bank (ADB) has signed a financing package of up to PhP583 billion ($100 million) to support Ayala Corporation’s efforts to develop 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 (EVs) for commercial distribution. The initiative builds on ADB’s previous projects to promote electric jeepneys (e-jeepneys) and electric tricycles (e-trikes, aiming to address environmental challenges such as air pollution and promote inclusive urban development.
ADB has been a key player in advancing electric mobility in the Philippines, with previous projects focusing on deploying tens of thousands of e-trikes nationwide and supporting pilot programs for e-jeepneys. These initiatives have laid the groundwork for the current push to expand EV infrastructure and adoption in the country. The new financing package from ADB aims to bridge critical gaps in charging infrastructure and make EVs more accessible to the public, contributing to a sustainable and low-carbon future for the Philippines.
While electric vehicle development in the Philippines faces challenges such as high upfront costs and limited charging infrastructure, government initiatives like the Electric Vehicle Industry Development Act and various tax incentives are creating a more favorable environment for the sector’s growth. The establishment of an EVCS network funded by ADB’s financing package is crucial for accelerating EV adoption and making the transition to electric vehicles easier for individuals and businesses.
Ayala Corporation, one of the Philippines’ largest conglomerates, is leading the development of the country’s electric mobility ecosystem. Through ACMobility, Ayala is expanding its electric mobility investments and building a comprehensive EV ecosystem for the Philippines. With access to innovative financing options like blended finance, which combines public, private, and philanthropic funds, Ayala is well-positioned to contribute to the country’s climate goals and promote sustainable business practices.
The Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), managed by ADB, is providing a concessional loan as part of the financing package to support Ayala Corporation’s efforts in developing an electric mobility ecosystem. Established in 2024 with a commitment from the Government of Canada, CANPA aims to promote private-sector projects in Asia and the Pacific focusing on climate and nature-based solutions while supporting gender equality. By supporting projects like this, ADB is helping the Philippines reduce its reliance on fossil fuels, improve air quality, and create green jobs in alignment with its commitments under the Paris Agreement and NDCs.
As the Philippines continues to embrace electric mobility, ADB’s support for projects like the development of EV infrastructure alongside its earlier efforts with e-jeepneys and e-trikes will play a critical role in shaping a cleaner, greener future for the country. The financing package from ADB, managed by the Ayala Group, highlights the collaboration between public and private entities to accelerate the transition to electric mobility and address environmental challenges in the Philippines.
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