ADB, Ayala Corporation Ink $100 Million Deal to Support Electric Mobility in PH

The Asian Development Bank (ADB) has inked a funding agreement worth up to $100 million to support Ayala Corporation's contribution to the development of an electric mobility ecosystem in the Philippines. This funding will be used to acquire and install electric vehicle charging stations (EVCS), as well as to purchase electric vehicles for commercial distribution.

​The package includes a concessional loan from the Canadian Climate and Nature Fund for Asia's Private Sector (CANPA). The ADB financing, together with the concessional loan, will be utilized to establish an EVCS network in the Philippines. This blended financing has a unique price structure designed to accelerate the development of EVCS infrastructure. A part of the ADB finance will be used to purchase electric cars from prominent manufacturers for distribution around 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."

The development of electric vehicles (EVs) in the Philippines is still in its early stages. High initial prices, limited charging infrastructure, and developing technology have all been significant impediments to EV adoption in the country. However, the Philippine government's Electric Vehicle Industry Development Act and numerous tax incentives are helping to create a better environment for the EV sector's growth.

The development of an EVCS network is critical for electric vehicles to gain popularity. The EVCS to be established by the ADB finance package will solve gaps in EV charging infrastructure, allowing for speedier uptake of electric cars.

"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 an ADB-managed trust fund with a Can$360 million contribution from the Canadian government. The fund draws on the success of two prior programs, the Canadian Climate Fund for the Private Sector in Asia II (CFPS II) and its predecessor, CFPS. CANPA seeks to assist private-sector initiatives in Asia and the Pacific that prioritize climate- and nature-based solutions while simultaneously promoting gender equality.

Ayala Corporation is one of the Philippines' largest and longest-lasting companies. The company's diverse portfolio, which includes real estate, banking, telecommunications, and renewable energy, positions it well to lead the development of the Philippines' electric vehicle ecosystem. Ayala's increasing sustainable business portfolio relies on new financing solutions such as blended finance, which is supported by public, private, and charitable money.

ADB is dedicated to establishing a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while also continuing its efforts to eradicate extreme poverty. It was established in 1966 and is owned by 69 members, 49 of whom are from the region.