The Asian Development Bank (ADB) has entered into a partnership with Ayala Corporation, establishing a US$100 million financing package focused on developing electric mobility systems in the Philippines. This partnership aims to promote the use of electric vehicles (EVs) and the installation of EV charging stations across the nation.

The formalization of the agreement was conducted on January 27. Ayala Corporation, through its mobility solutions unit ACMobility, will utilize ADB’s funding to procure electric vehicles for commercial applications and set up necessary charging infrastructure in strategic areas.

The financing includes a concessional loan sourced from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), aimed at supporting climate-oriented initiatives. The government of the Philippines aims for electric vehicles to capture 50% of the automotive market share by 2040.

ADB’s country director for the Philippines, Pavit Ramachandran, views this initiative positively, stating:

“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.”

Jaime Alfonso Zobel de Ayala, president and CEO of ACMobility, asserted that this funding coincides with the company’s enhanced investment in the electric mobility sector.