ADB, Ayala Sign $100M Deal for EV Growth

The Asian Development Bank (ADB) has signed a $100 million financing agreement with Ayala Corporation to support the expansion of electric mobility in the Philippines.

The investment will fund the development of electric vehicle charging stations (EVCS) and the procurement of electric vehicles for commercial use.

The financing package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), which will help establish a nationwide EVCS network. The package features an innovative pricing structure designed to accelerate the deployment of EV infrastructure.

“A robust electric mobility ecosystem will not only address environmental challenges such as air pollution but also drive economic growth by creating green jobs, enhancing energy security, and promoting inclusive and resilient urban development,” said ADB Country Director for the Philippines Pavit Ramachandran.

The Philippines’ electric vehicle (EV) industry is still in its early stages. High initial costs, limited charging infrastructure, and evolving technologies have hindered adoption. However, the government’s Electric Vehicle Industry Development Act and various tax incentives are fostering a more favorable environment for growth.

A reliable EVCS network is essential for increasing EV adoption. The ADB-backed infrastructure investment aims to close gaps in charging availability, making electric vehicle use more practical and accessible.

“This innovative blended financing comes at an opportune time as Ayala, through ACMobility, continues to ramp up its electric mobility investments,” said ACMobility President and CEO Jaime Alfonso Zobel de Ayala.

“As we build a comprehensive EV ecosystem in the Philippines, we thank institutional partners like ADB for helping us expand our initiatives, accelerate progress toward national climate goals, and reaffirm our purpose of building businesses that enable people to thrive,” he added.

Established in 2024, CANPA is a trust fund managed by ADB with a Can$360 million commitment from the Canadian government. It builds on the success of two previous Canadian climate funds and supports private-sector projects in Asia and the Pacific focused on climate and nature-based solutions while promoting gender equality.

Ayala Corporation is one of the Philippines’ largest conglomerates, with a diverse portfolio spanning real estate, banking, telecommunications, and renewable energy. The company is well-positioned to lead the country’s electric mobility transition through innovative financing options like blended finance, which combines public, private, and philanthropic funding.

ADB remains committed to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while continuing its efforts to eradicate extreme poverty. Established in 1966, ADB is owned by 69 members, 49 of which are from the region.