The financing will help address critical challenges such as high upfront costs, limited charging infrastructure, and slow technology adoption that have slowed the country’s EV progress.
This funding will be used to install electric vehicle charging stations and procure commercial electric vehicles for nationwide distribution, directly supporting Ayala’s efforts to build a sustainable EV ecosystem.
A concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia is also part of the package, with innovative terms designed to accelerate EVCS deployment.
Ayala’s ACMobility, which distributes BYD, Kia and Honda, is at the forefront of this initiative, leveraging ADB’s support to roll out the infrastructure and vehicles needed for widespread EV adoption.
Management’s view
"This innovative blended financing comes at an opportune time as Ayala, through ACMobility, continues to ramp up its electric mobility investments, said ACMobility’s president and CEO Jaime Alfonso Zobel de Ayala.
He earlier unveiled plans to seize a “significant stake” in the Philippine EV market in the next few years.
“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,” he added.
Addressing environmental challenges
"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,” he added.
