ADB Invests $100m to Boost Electric Mobility in the Philippines
The transition to electric mobility in the Philippines is getting a significant push as the Asian Development Bank (ADB) and Ayala Corporation ink a landmark financing agreement worth $100 million. This strategic investment is poised to accelerate the country’s shift towards sustainable transportation by establishing a robust electric vehicle charging station (EVCS) network and procuring electric vehicles (EVs) for commercial distribution.
The financing package, structured with a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), is designed to overcome existing barriers to EV adoption. This initiative aligns with the Philippines’ broader climate and energy goals, reinforcing its commitment to a low-carbon future.
Driving Green Growth
Electric vehicle adoption in the Philippines remains in its infancy, hindered by high initial costs, inadequate charging infrastructure, and evolving technological requirements. However, the government’s Electric Vehicle Industry Development Act (EVIDA) and tax incentives are fostering a more favourable investment climate, paving the way for rapid industry growth.
ADB’s involvement ensures that financing solutions cater to both infrastructure expansion and EV accessibility. A portion of the funds will be used to procure electric vehicles from top manufacturers, facilitating their distribution nationwide. With this, ADB and Ayala Corporation aim to build an integrated EV ecosystem that supports both public and private sector stakeholders.
A Game-Changing Investment
According to Pavit Ramachandran, ADB Country Director for the Philippines, the project represents a major leap toward a cleaner and more energy-secure future: “This project is a significant step towards a sustainable and low-carbon future for the Philippines. 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.”
This financing is structured to accelerate the deployment of EVCS infrastructure across the country, ensuring that accessibility to charging points is no longer a hurdle to widespread EV adoption. The initiative will also complement the government’s push for a greener transport sector, which is critical in reducing emissions and mitigating the impact of climate change.
Ayala’s Commitment to Sustainable Innovation
Ayala Corporation, one of the Philippines’ most established conglomerates, has long championed sustainability-driven business models. Through ACMobility, its dedicated e-mobility arm, Ayala is taking decisive steps to create a fully integrated EV ecosystem, positioning itself as a leader in the Philippines’ shift toward greener transport solutions.
Jaime Alfonso Zobel de Ayala, President and CEO of ACMobility, expressed gratitude for ADB’s support and reaffirmed Ayala’s dedication to the country’s climate agenda: “This innovative blended financing comes at an opportune time as Ayala, through ACMobility, continues to ramp up its electric mobility investments. As we help build a comprehensive EV ecosystem for the Philippines, we wish to thank like-minded institutional partners like ADB for helping us expand our electric mobility initiatives, accelerate our contribution to the Philippines’ climate goals, and reaffirm our purpose of building businesses that enable people to thrive.”
By leveraging blended finance models—which combine public, private, and philanthropic funds—Ayala aims to scale its clean energy investments while addressing the Philippines’ pressing environmental challenges.
Pioneering Climate Action
At the heart of this financing package is CANPA, a trust fund managed by ADB and supported by a Can$360 million commitment from the Government of Canada. CANPA builds upon the success of its predecessors—the Canadian Climate Fund for the Private Sector in Asia II (CFPS II) and CFPS—to mobilise funding for climate and nature-based solutions in Asia and the Pacific.
CANPA prioritises private-sector investments that contribute to carbon reduction, sustainable development, and gender equality, reinforcing the Philippines’ strategy to balance economic growth with environmental stewardship.
ADB’s Role in Sustainable Infrastructure
ADB, a key player in the Asia-Pacific region’s development, has consistently championed projects that drive economic inclusivity and sustainability. Established in 1966, ADB has expanded its footprint across 69 member nations, helping shape policies that promote renewable energy, resilient urban planning, and modern infrastructure.
This latest financing underscores ADB’s ongoing mission to support countries like the Philippines in phasing out fossil fuels and adopting cleaner alternatives. By funding EV infrastructure and fleet expansion, the bank is addressing the twin challenges of air pollution and energy security while stimulating economic opportunities in the growing green transport sector.
The Road Ahead
As the Philippines accelerates its EV transition, the ADB-Ayala partnership sets a benchmark for public-private collaboration in clean mobility. The rollout of a widespread EV charging network, alongside increased EV distribution, will dismantle key barriers to adoption, making electric transport a more viable option for businesses and consumers alike.
Looking ahead, industry stakeholders will need to work hand-in-hand to scale up this momentum. Continued investments in EV technology, charging infrastructure, and policy incentives will be instrumental in positioning the Philippines as a regional leader in sustainable transportation. The wheels of change are turning—faster than ever before.