The Asian Development Bank (ADB) and Philippine conglomerate Ayala Corporation signed a US$100 million financing package for the development of electric mobility systems in the Philippines.
The agreement was formalised on Monday, 27th January.
By way of its mobility solutions unit ACMobility, Ayala Corporation will use ADB’s funding to purchase electric vehicles (EVs) for commercial use, along with the subsequent purchase and installation of EV charging stations in key locations.
Relevant inclusions
The financing package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).
CANPA is one of the ADB’s trust funds and was created to support climate and nature-based projects of the private sector in Asia and the Pacific.
The initiative is in keeping with the Philippine government’s drive to give EVs 50 percent of the country’s total automotive market share by 2040.
A step in the right direction
ADB country director for the Philippines Pavit Ramachandran sees this initiative as a step in the right direction for the country’s drive towards lower carbon emissions.
Ramachandran said: “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.
Likewise, ACMobility president and CEO Jaime Alfonso Zobel de Ayala pointed out that the funding came just as the firm is working on increasing its investments into the electric mobility sector.
