Philippines-listed conglomerate Ayala Corp has secured up to $100 million in financing from the Asian Development Bank (ADB) to further develop the electric mobility ecosystem in the country, according to an announcement.
The funding package, which includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), will fund the procurement and installation of electric vehicle charging stations across the country, as well as the purchase of electric vehicles for commercial distribution.
ACMobility, the electric vehicle subsidiary of the Filipino conglomerate, has been rolling out fast-charging infrastructure primarily at office complexes and commercial properties owned by Ayala Land.
The company plans to add 27 more charging stations by the end of March in Makati, a key city within Metro Manila.
“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.
While electric vehicle adoption in the Philippines remains in its early stages, government measures—including the Electric Vehicle Industry Development Act and various tax incentives—are supporting market growth.
EVs accounted for only about 1% of new-vehicle sales in the Philippines in 2024, behind other big ASEAN member states.
ADB Country Director for the Philippines Pavit Ramachandran emphasised that the project represents a crucial move toward a sustainable and low-carbon future for the country.
“By fostering the development of a robust electric mobility ecosystem, we are not only addressing critical environmental challenges but also driving economic growth and promoting inclusive and resilient urban development,” Ramachandran said.
Ayala Corporation, established in 1834, ranks among the Philippines’ largest and most established conglomerates, with a diverse portfolio that includes real estate, banking, telecommunications, and renewable energy.
It is an investor in Global Fintech Innovations Inc, the parent company of the country’s major finance super app GCash.
ADB, on the other hand, is owned by 69 members—49 from the region—and is committed to reducing poverty and fostering sustainable growth across Asia and the Pacific.