The Asian Development Bank (ADB) has approved a $100 million loan to Ayala Corporation to support the expansion of electric vehicle (EV) charging infrastructure in the Philippines.
This funding will enable Ayala, through its mobility arm ACMobility, to install a significant number of charging stations across the country – a crucial step in accelerating the adoption of EVs. The loan will also support the acquisition of electric vehicles for commercial distribution, further bolstering the country’s transition to sustainable transportation.
In a statement, ADB shared that the deal also includes a concessional loan through the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), an ADB trust fund dedicated to private sector climate and nature solutions. This blended financing incorporates an innovative pricing model to expedite EV charging station infrastructure rollout.
ADB Country Director for the Philippines Pavit Ramachandran said, “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.”
“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.
Source: ADB
