A portion of the package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). This blending of funds will enable the creation of a network of EVCS across the Philippines, featuring an innovative pricing structure designed to speed up deployment. A share of the ADB financing will be used to purchase electric vehicles from top manufacturers, further supporting their distribution nationwide.
“This project marks a pivotal advance towards a sustainable, low-carbon future for the Philippines,” stated Pavit Ramachandran, ADB Country Director for the Philippines. “Establishing a strong electric mobility ecosystem addresses crucial environmental challenges such as air pollution while also fostering economic growth through green job creation, enhancing energy security, and promoting inclusive and resilient urban development.”
Electric vehicle development is still in its early stages in the Philippines. High initial costs, scarce charging infrastructure, and evolving technologies have hindered the widespread adoption of EVs. However, the Philippine government’s Electric Vehicle Industry Development Act and various tax incentives are paving the way for a more favorable environment for the EV sector’s growth.
“The establishment of a comprehensive EVCS network is essential for the widespread adoption of electric vehicles,” remarked Jaime Alfonso Zobel de Ayala, President and CEO of ACMobility. “This innovative blended financing arrives at an ideal time as Ayala, through ACMobility, amplifies its electric mobility investments. We are grateful to partners like ADB for their support in our journey to build a robust EV ecosystem, drive climate goals, and create businesses that empower communities to thrive.”
Founded in 2024, the Canadian Climate Fund for the Private Sector in Asia and the Pacific (CANPA) is a trust fund managed by ADB, supported by a commitment of Can$360 million from the Government of Canada. Building on the successes of its predecessors, CANPA aims to support private-sector projects in Asia and the Pacific that focus on climate and nature-based solutions while also advancing gender equality.
Ayala Corporation, one of the Philippines’ largest and most enduring conglomerates, has a diverse portfolio that includes real estate, banking, telecommunications, and renewable energy. With access to innovative financial instruments like blended finance, Ayala is well-positioned to lead the development of the electric mobility ecosystem in the Philippines, leveraging support from public, private, and philanthropic sources.
