ADB and Ayala Corp Ink $100-M Deal to Expand PH Electric Mobility

The Asian Development Bank (ADB) and Ayala Corporation (AC) have signed a $100-million financing agreement aimed at accelerating electric mobility in the Philippines. The deal will fund the development of electric vehicle charging stations (EVCS) and the acquisition of electric vehicles (EVs) for nationwide commercial distribution.

A Greener Future for the Philippines

The project includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) and aims to bolster the country’s transition to a low-carbon future.

“This project is a significant step towards a sustainable and low-carbon future for the Philippines,” said Pavit Ramachandran, ADB country director for the Philippines. “By fostering a robust electric mobility ecosystem, we are addressing critical environmental challenges like air pollution while driving economic growth through green jobs, energy security, and inclusive urban development.”

Ayala’s Role in Electric Mobility

Ayala Corp., through its mobility arm ACMobility, operates dealer networks for major automotive brands such as Honda, Isuzu, Kia, Volkswagen, and BYD. ACMobility also acquired the EV charging network Evro in December, consolidating operators to enhance accessibility and convenience for EV users in the country.

“This innovative blended financing comes at an opportune time as Ayala, through ACMobility, continues to ramp up its electric mobility investments,” said Jaime Alfonso Zobel de Ayala, ACMobility president and CEO. “We are grateful for partners like ADB who help us expand our initiatives, contribute to the Philippines’ climate goals, and build businesses that enable people to thrive.”

Government Push for EV Adoption

President Ferdinand “Bongbong” Marcos Jr. has directed government agencies, including the Department of Energy (DOE), to focus on reducing production costs and improving financing and charging infrastructure for EVs. The administration aims to make 10% of government service vehicles electric-powered and reach targets of 2.45 million EVs and 65,000 charging stations by 2028.

This partnership between ADB and Ayala Corp is expected to play a pivotal role in achieving these ambitious goals.