Ayala charges up EV ecosystem with $100 million ADB financing deal

MANILA, Philippines — The Asian Development Bank (ADB) and Ayala Corp. have signed a $100-million financing deal to support the development of an electric mobility system in the country.

In a statement yesterday, the multilateral lender said the financing package would support the country’s oldest conglomerate in its efforts to push for electric mobility, particularly in procuring and installing electric vehicle charging stations (EVCS).

The financing package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia, which aims to support private sector projects focused on climate and nature-based solutions.

“This project is a significant step toward a sustainable and low-carbon future for the Philippines,” ADB country director Pavit 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,” he further said.

As Ayala Corp. ramps up electric mobility investments through its mobility arm, ACMobility CEO Jaime Alfonso Zobel de Ayala said the ADB financing comes at an opportune time.

“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,” he said.

ACMobility is the official distributor of Kia, Volkswagen and BYD vehicles in the country. It also operates dealer networks for Honda and Isuzu.

The Philippines is still in the early stages of EV development, with high costs and limited charging infrastructure posing barriers to EV adoption.

Through the Electric Vehicle Industry Development Act and tax incentives, the government aims to create a more favorable environment to support the growth of the EV industry.

The ADB expects the development of an EVCS network to help encourage EV adoption.

In line with its efforts to promote the shift to electrified transport, ACMobility yesterday announced the launch of its membership program for charging services for EV owners.

Through the membership plan, EV owners can enjoy 20 percent savings on fees.

EV owners can choose from three membership plans: Plan 1,200: P1,500 credits (good for 52kWh AC or 42kWh DC), Plan 2,000: P2,500 credits (good for 87kWh AC or 71kWh DC) and Plan 4,000: P5,000 credits (good for 175kWh AC or 142kWh DC).

Each plan has a credit allowance valid for 30 days and can be used across all ACMobility charging stations.

The membership plan is available through the Evro app, which allows customers to locate compatible stations, monitor their charging session and make cashless payments.

“Our new ACMobility membership program is designed with the future in mind, offering easy, affordable and convenient charging solutions for the growing number of EV owners in the Philippines. It reflects our commitment to accelerating the shift to cleaner transportation while honoring the loyalty and trust of our consumers by delivering value and hassle-free experience every time they charge their vehicles,” Zobel said.