The Asian Development Bank (ADB) has signed a USD100 million loan agreement with Ayala Corporation to support the development of an electric vehicle (EV) ecosystem in the Philippines. The funding will be used to install EV charging stations and purchase electric vehicles for commercial distribution. While specific numbers were not provided in the press release, ADB’s Initial Environmental and Social Examination from October 2024 indicates plans for up to 1,700 EV charging stations nationwide over the next 5 to 7 years.
The loan includes a USD85 million ADB Ordinary Capital Resources (OCR) loan and a $15 million concessional loan, supplemented by financing from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). This initiative, managed by ADB and supported by the Canadian government, aims to promote sustainable transportation, reduce CO2 emissions, and improve air quality in the Philippines.
ACMobility Holdings, Ayala’s subsidiary, will lead the project, focusing on expanding offerings of battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs).
